TLDRSOL price surged 10% from the $175 support zone to nearly $200Technical indicators show SOL trading above $192 and the 100-hourly simple moving averageAlameda Research unstaked $35 million in SOL, raising questions about selling pressureWhales moved over 226,000 SOL to exchanges, with one large whale reducing holdings by 71%SOL’s $170 support level is critical for maintaining bullish momentumSolana has shown strong momentum in recent trading, jumping 10% from its support level around $175. The cryptocurrency is now eyeing a potential breakout above the psychologically important $200 mark, though recent whale movements and unstaking activity have created uncertainty in the market.SOL started its recent upward move by breaking above several key resistance levels at $185 and $190. The price action included breaking through a bearish trend line with resistance at $178 on the hourly chart, signaling a shift in market sentiment.Bulls managed to push the price above the $195 barrier, with SOL reaching a high of $199 before consolidating gains. The cryptocurrency is now trading above $192 and the 100-hourly simple moving average, maintaining its position above the 23.6% Fibonacci retracement level of the upward move from the $173 swing low to the $199 high.On the technical front, SOL faces immediate resistance at the $200 level, with additional barriers at $202 and $205. A successful close above $205 could open the path for continued gains toward $212 and potentially $220.Support levels exist at $194 and $186, with the latter marking the 50% Fibonacci retracement level of the recent upward move. If SOL falls below $186, the next major support zone would be at $180, followed by $175.Solana Price on CoinGeckoWhale Activity IntensifiesRecent on-chain data reveals heavy selling pressure from large holders. Whales have moved more than 226,000 SOL to exchanges, suggesting distribution may be underway.One major whale reduced their holdings by 71% in less than two days, dropping from $24 million to $6.8 million. This $17.2 million sale coincided with SOL dropping below $185, creating a supply wall in the market.These whale sales averaged around $177, aligning with SOL’s recent 4% pullback. The timing and size of these movements raise questions about whether this distribution signals weakening bullish momentum or merely represents a temporary pause before further upside.Alameda Research UnstakingIn a separate development, a wallet associated with Alameda Research unstaked $35 million worth of SOL. These tokens had been locked since late 2020 when they were worth just $350,000, representing a 100x return on investment.Despite this potentially bearish signal, SOL’s Net Position remains positive, which has helped price consolidation above the critical $170 level. This marks a departure from previous risk-off periods when the Net Position metric turned negative and capitulation followed.The $170 support level now represents a crucial threshold for SOL’s price action. While buy-side depth has not collapsed, the synchronization between large whale sell-offs and unstaking activity points to possible coordinated distribution.If the $170 support fails to hold, traders should expect increased downside risk, making Solana one of the most important cryptocurrencies to watch for short-term momentum shifts.SOL’s relative performance has also been noteworthy. While it has gained just 1.07% so far in August, Ethereum has surged 15.75% during the same period. The quarterly performance gap is even wider, with ETH delivering a 72% return compared to SOL’s more modest 12.8%.The hourly MACD for SOL/USD is gaining pace in the bullish zone, while the RSI remains above the 50 level, suggesting moderate bullish momentum in the short term.As the price consolidates near $200, traders are watching whether SOL can break through this key psychological barrier. A breakthrough could trigger a new wave of buying, while rejection might lead to a retest of lower support levels.The coming days will likely determine whether SOL can overcome these obstacles and resume its upward trajectory or if the selling pressure from whales and large unstaking events will push prices lower.For now, the critical level to watch remains $170, which serves as the line in the sand between maintaining the current consolidation range and risking a deeper correction.The post Solana (SOL) Price: Whales Dump While Bulls Push for $200 Breakout appeared first on Blockonomi.