TL;DR
- Over $11 million in short positions were liquidated as Solana surged through the $190 barrier.
- Only 1.59% of supply was bought above $189, signaling low resistance ahead.
- SOL products attracted $39 million in institutional inflows last week, boosting market confidence.
SOL Moves Past $190 as Shorts Unwind
Solana extended its rally on Monday, rising to $191 after clearing a key resistance level. The move was driven by forced liquidations of short positions and renewed inflows from larger investors. At the time of writing, SOL trades at $191, up 6.25% over the last 24 hours and 14.14% over the past week.
More than $11 million in shorts were liquidated as the price crossed $190, according to Coinglass. The largest single liquidation took place at $188 and was valued at $1.13 million. These added to the upward pressure as traders moved to cover positions.
Supply Thins Out Above $190
On-chain data shows $190 as a major level where over 8 million SOL was previously acquired. Above that, the supply becomes less dense, meaning fewer holders are positioned to sell. This reduces resistance and can allow price to move with less friction.
Data from Glassnode confirms that only 1.59% of the total supply was bought above $189. If buying continues, the price could accelerate, as fewer sellers are likely to step in at higher levels.
Solana is also attracting new inflows from institutions. According to CoinShares, SOL investment products brought in $39 million during the past week. This places it among the highest inflow totals for non-Bitcoin assets in the report.
Consequently, these flows reflect growing attention from funds and asset managers. Increased activity in Solana’s ecosystem, including DeFi and NFT sectors, may be supporting this trend as capital returns to altcoins.
Traders Look for Continuation
Analysts now focus on whether SOL can hold above $190. DonAlt said a sustained move past resistance could open room for further gains if current momentum continues.
While $185 remains a level to watch on any dip, traders are now looking higher as Solana pushes into a low-resistance zone. With volume rising and institutional support growing, market attention remains on whether this breakout will carry forward.
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