3 reasons Solana may soon cool down after this strong bullish run

Solana is currently trading around $225.28, up 6.9% over the past week. Notably, most of this bounce back occurred in just the last three days, as SOL surged strongly from $200 to $220, equivalent to an increase of about 10%. At first glance, this looks like another impressive breakout for Solana.

However, seasoned traders are familiar with this scenario: whenever SOL surpasses the $200 mark with strong momentum, the excitement usually does not last long. Currently, warning signals are appearing again, indicating that this surge may also be hard to become an exception.

Taking profits is no longer just a risk

The first warning sign appears from the Unrealized Profit/Loss index (NUPL) of Solana — a measure reflecting the profits that investors are holding but have not yet realized. On September 9, this index reached a level of 0.321, the second highest in a month.

Trader Solana is holding unrealized profits | Source: GlassnodePreviously, on 28/8, NUPL surged to 0.329, and shortly after, SOL adjusted by about 8%. Typically, when NUPL is in the high range, it indicates that a majority of holders are experiencing significant "paper" profits, which can easily lead to a profit-taking trend.

The current setup looks quite similar. Although a high NUPL does not necessarily mean that a sell-off will be triggered, it reflects an increasing risk of profit realization.

The second warning signal comes from the net position change indicator on the exchange — a tool that tracks the flow of tokens withdrawn from ( is usually positive ) or deposited into the exchange ( is usually negative ).

The seller of Solana bounces back | Source: GlassnodeOn September 6, when Solana traded around $200, the net outflow from the exchange reached -4.7 million SOL. However, by September 9, when the price rose to nearly $217, this number sharply decreased to -758,000 SOL — equivalent to an 84% reduction in buying pressure within just three days, despite the price rising nearly 10%.

This phase shift — prices rising while the withdrawal flow weakens — suggests that profit-taking activity has begun to emerge, as buying pressure slows down while selling force may quietly return.

Solana price chart signals a decrease with important adjustment levels

This is the third reason that could hinder the upward momentum. During the period from August 14 to September 10, the price of Solana continuously reached higher peaks, but the Relative Strength Index (RSI) formed a lower peak.

RSI is an momentum indicator that measures buying and selling strength on a scale of 0–100.

Solana Price Analysis | Source: TradingViewThis phenomenon is known as "bearish divergence" — a signal indicating that momentum is weakening even though prices are still rising: buyers continue to push prices higher, but behind the scenes, selling pressure is gradually overwhelming.

For traders, this is often a scenario signaling a correction. The first observation point is at $207: if the daily closing price is below this range, the trend may extend to $197, even $189.

On the contrary, if Solana maintains its momentum and closes the day above $222, the correction scenario will be invalidated, and market control is likely to return to the bulls.

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