TL;DR $239 acts as a major resistance, with heavy holder concentration seen between $230 and $240 levels. Solana trades in an ascending channel; failure to break $239 could trigger a correction to $220–$200. On-chain data reveals strong whale backing near $232, but profit-taking pressure is building fast. Key Resistance Near $239 Solana (SOL) was trading at $234 at press time, with a 24-hour trading volume of $8 billion. The asset has eased slightly in the past day but remains 6% higher over the week. Market focus is now on the $239 area, where analysts see a clear resistance barrier. Analyst Ali Martinez said, $239 is now the most important resistance wall ahead of Solana $SOL ! pic.twitter.com/0TI0G5XcW0 — Ali (@ali_charts) September 17, 2025 Data from the UTXO Realized Price Distribution (URPD) chart shows a heavy cluster of holdings between $230 and $240, with a concentration at $239. Such levels often act as supply zones, as many holders who bought in that range may look to sell once prices revisit it. Trading Structure and Channel Outlook IncomeSharks shared a chart showing Solana trading inside an ascending channel that has guided the price since early summer. The channel has produced steadily higher highs and higher lows, but the dotted line drawn at $239–$240 remains the key level to watch. Source: IncomeSharks/X IncomeSharks commented, “A close above the dotted line and I’ll call it invalidated,” referring to the possible corrective path marked on the chart. That scenario suggests price could slip back toward $220 or even $200 before finding support. Both areas line up with mid- and lower-channel boundaries and would preserve the overall trend . In addition, Mags noted similarities between Solana and Binance Coin (BNB). The analyst described the cycle as pump, re-accumulation, and then a move to new highs. BNB has already broken into a fresh all-time high, while Solana is lagging. Charts shared by Mags show Solana’s strong rally in 2023–2024, followed by a re-accumulation phase. Price action now suggests the token could be preparing for another leg higher. “Chances are Solana catches up soon,” Mags wrote, pointing to the structural resemblance to BNB. Profit Taking and Large Holders Greg Miller said, $SOL holders have been locking in big profits as price pushes near $250. Chart shows realized gains averaging $1B/day in mid Sept, clear signs of heavy profit taking into the ETF & treasury hype rally. Short term selling pressure is real, but the bigger trend for Solana still… pic.twitter.com/pOvW4t5acQ — Greg Miller (@greg_miller05) September 17, 2025 Realized gains averaged about $1 billion per day in mid-September, pointing to heavy profit-taking during the recent rally tied to ETF and treasury headlines. Meanwhile, on-chain data from Lookonchain shows six strategic entities each holding more than one million SOL. Forward Industries has the largest position with 6.82 million SOL, valued at $1.58 billion, at an average cost of $232. These holdings show strong backing near current prices, though they also add to potential supply if profit-taking continues. The post Solana Rally Paused? Traders Eye $239 as Must-Break Level appeared first on CryptoPotato .
