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- Solana is consolidating near $239 with strong institutional backing.
- Whale activity suggests short-term caution but long-term support is firm.
- WEPE meme coin adds fresh energy to Solana’s thriving ecosystem.
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Solana (SOL) traded nearly flat at around $236 on September 17, brushing up against a strong resistance zone near $239. Market watchers say this level is key—on-chain data from Glassnode shows heavy realized price activity around $238–$239, forming a major sell wall that bulls must break to push higher.
$239 is now the most important resistance wall ahead of Solana $SOL! pic.twitter.com/0TI0G5XcW0
— Ali (@ali_charts) September 17, 2025
Resistance Meets Whale Moves
Analyst Ali Martinez highlighted this resistance cluster, while on-chain tracker LookOnChain flagged a 100,000 SOL ($23.6M) transfer to OKX from a large whale wallet. Such exchange inflows can hint at short-term selling pressure or simply treasury reshuffling.
Looks like another institution is buying massive $SOL.
— Lookonchain (@lookonchain) September 17, 2025
In the past 8 hours, #FalconX has withdrawn 413,075 $SOL($98.4M) from #Binance, #OKX, #Coinbase, and #Bybit.https://t.co/BbJHB6YKtf pic.twitter.com/BibDGcoD3x
Still, Solana has climbed 30% in the past month, bouncing from a brief dip to $230 on September 15, as institutional demand kept buyers active during market pullbacks.
Institutions Double Down on Solana
Despite fears of near-term volatility, Wall Street firms are increasingly betting on Solana’s long-term growth. FalconX recently withdrew 413,075 SOL (worth $98M) from exchanges, while Pantera Capital founder Dan Morehead revealed that Solana is now Pantera’s largest position at $1.1B.
Analysts argue these deep-pocketed flows strengthen Solana’s long-term case even if short-term moves remain choppy.
Meme Coin Craze: Wall Street Pepe (WEPE)
Meanwhile, Solana’s meme coin ecosystem is booming. A new project, Wall Street Pepe (WEPE), is catching fire by merging Pepe’s humor with the bold spirit of Wall Street. Built on Solana, WEPE ties its supply to Ethereum by burning an equivalent dollar value of WEPE (ETH) whenever WEPE (SOL) is bought—tightening overall supply.
Holders also get access to a private “Alpha Chat” for market calls and strategy sharing, positioning WEPE as more than just a meme—it aims to give small traders a louder voice.
Also Read: Solana AUM Hits $4.1B as Institutional Buying Sparks $1,000 Price Forecast
SOL now sits below the Bollinger upper band near $249. A close above $240 could spark a run to $250, while failure to hold $230 risks a slide to $217 or even $200.
With institutional support growing and meme coin energy buzzing, Solana’s next breakout could be closer than it looks.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
