Solana Price Prediction: SOL Bounces Back Off $200 Support

Solana (SOL) has bounced strongly off the $200 level during today’s session, and trading volumes seem to indicate that buying interest is strong enough at this level to support a bullish outlook.

Data from CoinMarketCap shows that volumes have exceeded $11 billion in the past 24 hours. Typically, when that much SOL is traded in a session, it confirms the relevance of a specific price zone.

Solana has jumped by 3% in the past 24 hours, while other top altcoins like Ethereum (ETH) and Dogecoin (DOGE) have also performed positively during this same period.

Fear and Greed Index – Source: CoinMarketCap

The Fear and Greed Index has moved to ‘fear’ level at 32 as investors seem to have taken a cautious approach to determine if this is a mere correction or the end of the latest bullish cycle.

Alpenglow Upgrade Could Be a Game-Changer for Solana

It seems highly unlikely that cryptos have hit a cycle top already, as the Federal Reserve is prepared to cut rates for a second time in October after last week’s 25bps cut.

Meanwhile, altcoin season just started. The Altcoin Season Index compiled by CoinMarketCap currently stands at 71, just a week after it hit a 90-day high of 78. This confirms that the market is rotating toward other tokens apart from Bitcoin (BTC).

SOL has shed some of its annual gains as a result of this latest retreat. At some point, it produced a 32% but that positive performance has now been trimmed to 6%.

Weekly trading volumes have performed quite similarly in the past two months and are on track to reach a similar level in September at around $120 billion. This indicates that interest in meme coins persists at a point when the war between launch pads like Pump.fun and others is heating up.

Alpenglow Proposal Passed by Validators – Source: Staking Facilities

Moreover, the market is waiting for the implementation of an important change to the Solana blockchain – the Alpenglow upgrade.

This technical enhancement will boost the network’s transaction speeds to internet-like levels, which would make Solana the perfect home for platforms outside of the blockchain space.

The testnet for Alpenglow is expected to be deployed in December this year, while the mainnet launch could occur somewhere in the first quarter of 2026.

SOL Could Hit $250 Soon If This Horizontal Support Holds

Looking at the daily chart, we could be witnessing the beginning of a bear trap if SOL spikes above $200 in the next few sessions. Trading volumes have increased above the 14-day moving average, confirming that market participants are highly interested in buying at this level.

SOL/USD Daily Chart (Coinbase) – Source: TradingView

This demand zone has both psychological and technical implications that favor a bullish outlook if a bounce is confirmed. The Relative Strength Index (RSI) was already approaching oversold levels, which increases the odds of a move upwards from here.

If that’s the case, we should move back to $250 in no time, as the market would have created enough room for enough late buyers to chip in after nearly $5 billion in long liquidations in the past 3 days across all tokens.

The macroeconomic landscape continues to favor a bullish outlook as lower rates will prompt yield-chasers to move their capital to riskier assets like cryptos. Meanwhile, the early success of the first Solana spot ETF and the launch of multiple millionaire corporate treasuries confirm that institutional interest in Solana is growing.