Will Solana (SOL) Hold Above $240 After Strong Reversal to $247?

Key Insights:

• Solana rallied between $236 and $247 on September 18, 2025, and the price saw a powerful recovery and the break of the resistance zone of $240.

• Market capitalization reached a maximum at around $360B, before falling back to $356.15B as selling forces accumulated in the intraday volatility.

• Volume was up at $48.95B with heavy trading contributing to the breakout in the price as well as the following fade away.

Solana market cap peaks at $360B before sharp decline

During the early trading on September 18, 2025, Solana surged up in market capitalization. The price increased to close to $360 billion at around 03:00 UTC. This expansion also indicated good purchasing interests throughout the ecosystem since deals sought short-term gains following previous losses.

The momentum though was not maintained long. By 03.30 UTC, sellers started mounting pressure on the market pushing the market to gradually fall.

The tendency of reduced tops and steady declines stretched out through a number of hours. By 06:30 UTC, Solana market capitalization was near to $355 billion, returning sharply in comparison with its previous peak.

Source TradingView

According to analysts such a move was a normal profit-taking exercise. The correction indicated that a great number of traders chose to obtain gains following the rally, and this generated slumping pressure. The fall did not make the ecosystem less active, as the high level of participation of buyers and sellers was observed.

Solana rebounds as price climbs from $236 to $247

The Solana price on September 17, 2025, was being sold off. During the afternoon and evening the coin fell with a slowing trend and hit a low of below the $236 mark. This was a period, which was dominated by sellers and buyers could not force any significant reversal.

There was an indication of a change of momentum when September 18, 2025 commenced. Buyers came into the market pushing Solana very hard.

The coin has passed the resistance zone of $240 that had limited gains before applying the rally to the level of $244. The demand propelled Solana to a higher level of almost reaching an intraday high of about $247.

This breakout was facilitated by higher activity which was circulated by market observers. The price going across $240 was met by traders by adding new positions.

The breakout was interpreted as a technical break even point and short-term charts indicated the appearance of bullish trends after some weakness sessions.

Consolidation emerges between $244 and $247 after rally

Solana went into a consolidation phase after reaching $247. The price went down to the range of $244 and $247 within several hours. The competition at this stage was a balance between the strength of the buyer and the activity of the sellers, where each could not command the other.

Solana has continued to keep its lows higher than it has been experiencing. The buyers seemed to be ready to push them to these levels so that there was no fall any further below $240. The stability was an indication that a lot of traders were in their positions as they awaited the next technical signal.

It was also hinted by the consolidation that the selling pressure had reduced when compared to the previous day. The market also demonstrated strength as it did not plunge into another depression even though it was close to falling at $247.

According to analysts, this stabilization helped Solana with an opportunity to gain momentum to attempt another fight in future sessions.

Technical levels define short-term outlook for Solana

To the traders, the chart of Solana is now characterized by two distinct technical levels. The last support is at $240 which served as a good support in the recent rally. Analysts have observed that there is a sustained move above this and that keeps the structure bullish.

On the positive side, the resistance is close to $247. This amount topped the latest bid at profits and avoided the excursion into the $250 mark. Best above price would be opening the prospect of catching higher resistance areas whereby, $250 is considered the next objective.

In case Solana does not manage to hold at the $240 support, the risk of the downside may soon recur. A fall below this can take the coin back to the position of $236 or even less. In the meantime, traders are still in the process of determining whether Solana is going to keep on consolidating above the $240 level in the process of making another breakout.