• SOL retraced after reaching $205, currently trading below the $187 weekly high with resistance at $189.27.
• Demand zone between $168–$170 may serve as next support if short-term EMAs fail to hold.
• New month and ETF speculation may influence Solana’s direction heading into Q4.

Solana (SOL) has recently experienced a slowdown after a notable rally that took its price from $125 to $205 in under a month. The rapid climb marked a strong recovery phase for the asset, but recent movements indicate cooling momentum. At the time of reporting, Solana was priced at $187.64, showing a 5.8% gain over the past seven days. 

Notably, this figure places it just under a previously cleared weekly high of $187. With prices now trading slightly below that level, short-term market sentiment appears cautious. The immediate resistance stands at $189.27, while support rests at $184.83. Traders are closely watching the current range for any decisive price shift.

Weekly High Cleared, But Price Pulls Back

Earlier in the week, SOL successfully broke above the $187 threshold, tagging the weekly high. Nevertheless, it could not sustain that level and has retraced since then. The price had re-entered the previous price range, which is a sign that the bullish momentum could have momentarily ended. The market data indicates that the token is still locked in a consolidation area after reversing gains above the 200 mark.

A resistance zone remains intact at $189.27, capping recent upside attempts. The structure suggests that the bulk of the move may already be completed, following the extended climb from $125. The current price remains pinned between $184.83 support and $189.27 resistance. Short-term movement within this band may continue until a more significant driver emerges. Despite strong gains in June and July, market participants appear to be taking a more measured approach going into August.

Focus Shifts to $168–$170 Support as EMAs Face Pressure

With current levels losing upward traction, attention has shifted to the next potential support zone around $168 to $170. This area previously acted as a demand region and could attract renewed buying interest. The price is expected to revisit this zone if current support fails to hold. Traders are watching the 4-hour exponential moving averages (EMAs) as an early signal. If these averages are not maintained, a further dip toward the green demand zone becomes likely.

This potential zone aligns with the broader price structure and is situated just below the current range. While price remains elevated compared to early July levels, this support could provide a clearer base for another attempt higher.

New Month and ETF Proposal Put Focus on Solana’s Next Move

As the calendar shifts into a new month, market participants are considering broader catalysts that could affect Solana’s price. Among these is the anticipated Fidelity ETF proposal, which could impact sentiment heading into Q4. Although current market behavior remains neutral, dips into demand zones are being monitored as potential entry points.

With volume stabilizing and range tightening, short-term activity may remain subdued until a significant trigger alters direction. The coming sessions may define whether SOL finds support or enters a deeper retracement.