Solana rockets off key support level: Is $206 the next moonshot target?

Solana's chart just printed the bullish signal traders have been waiting for.

Breaking out from critical support

The network's native token SOL has decisively bounced from a make-or-break price level—and now crypto traders are eyeing that sweet $206 target. Technicals suggest the rally has legs, but can Solana sustain momentum in this volatile market?

Remember when 'fundamentals' mattered?

Institutional players are quietly accumulating while retail still debates 'blockchain utility.' Meanwhile, the charts scream one thing: Price action trumps all in crypto's casino economy. Will Solana deliver the goods or become another 'buy the rumor, sell the news' casualty?

Key Takeaways

Solana is building momentum since its successful rebound from key zone of confluence at around $155. Accumulation by both whales and retail strengthens the case for a continued bull run.

Solana [SOL] is accumulating bullish momentum after bouncing off a key confluence zone of an overlapping ascending trend-line support and a golden Fibonacci retracement range (0.618–0.7).

The technical setup suggests that solana may be gearing up for another bullish run.

Adding more weight to the bullish outlook, the Stochastic RSI was in an oversold zone in the time of writing—a significant indicator that Solana might have found a local bottom.

The technical combination — support bounce plus momentum reset — often precedes strong upward price movement in trending markets.

Source: TradingView

But that not all, SOL’s on-chain metrics tell a different story.

Whales and retail investors are aligned

Solana’s on-chain metrics also lean bullish. According to CryptoQuant’s Future Average Order Size data, SOL whale addresses have been quietly accumulating orders at current trading price.

Source: CryptoQuant

At the same time, buyer volume among retail traders — particularly positions under $1 million — has also surged significantly, reflecting a renewed confidence among the smaller investors.

Source: Hyblock

The simultaneous accumulation from both retail investors and whales indicate underlying bullish strength, especially when it aligns with the technical bullish indicators.

Can Solana break past $206?

The next major hurdle in line could be the recent local high of $206, a level where sellers previously overwhelmed buyers.

If this dual accumulation trend holds — with whale bids providing key support and retail inflows adding momentum — there is a compelling case that SOL could attempt a breakout above the key level.

Despite the broader market conditions and Bitcoin dominance will likely play a role, Solana’s individual price action and on-chain metrics point to an increasing bulls strength.