Solana price holds above $195 as bulls defend breakout gains
Solana is trading near $196.71 on July 23, holding ground after a breakout above key resistance and pushing to a multi-week high of $205.78. The move followed a clean confirmation of the neckline break around $175, which marked the end of a prolonged base-building phase.
Highlights
— Solana price holds near $196.71 after breakout above multi-month neckline resistance
— Directional indicators confirm strong trend with ADX at 35.34 and +DI leading
— Exchange outflows of $96.21 million signal accumulation and long-term holder confidence
Price action now reflects strong buyer control, with the token trading above all major EMAs and supported by sizable exchange outflows. Technical indicators continue to support the bullish trend. The Directional Movement Index shows the +DI at 40.67, far exceeding the -DI at 7.35, while the ADX sits at 35.34, confirming trend strength.
SOL price dynamics (Source: TradingView)
This momentum structure reflects strong market participation and suggests that the recent upward move was not a short-lived reaction but part of a broader continuation pattern. A potential pullback toward $175 to $180 remains in play, but this zone now acts as a confirmed support cluster, aligning with the 20-day EMA. So long as price remains above this zone, the path remains open for a retest of $220, followed by higher resistance levels at $230 and $250.
Outflows underline investor conviction
On-chain data confirms a net outflow of $96.21 million from exchanges in the past 24 hours. This marks one of the largest daily outflows for Solana in recent months and reflects long-term accumulation. Large withdrawals from exchanges typically indicate intent to hold, not sell, aligning with the technical narrative of breakout strength and growing institutional interest.
As long as this outflow trend persists and price sustains above $175, the outlook remains tilted in favor of the bulls. A drop below $175, however, would undermine this structure and reintroduce downside risk toward $162 and $159, near the 50-day and 100-day EMAs respectively.
In our earlier coverage, we noted that Solana’s reclaim of $175 would be key to validating the next bullish phase. That condition has now been met, and unless price breaks below that neckline again, the setup remains constructive for further upside.
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