Solana Faces Correction Risks

🟪August proved strong for Solana, with the token gaining over 13% in a month and trading near $205, leaving it almost 50% up year-to-date. However, September could test the sustainability of this uptrend. On-chain metrics show that 90% of supply is in profit — a level that has historically preceded notable pullbacks.

🟪Adding to the pressure, exchange balances of SOL have been rising, signaling investor readiness to take profits. A drop below $195 could strengthen the bearish case, while breaking $182 may open the path to $160. To keep momentum, bulls need to hold above $217 — otherwise, September might turn into a correction phase.