#Rise of Solana Treasury Holders#

August has been eventful for Solana: the token has attempted several times to settle above $210, but unsuccessfully. Currently, SOL is trading around $205, having lost 4.5% in the last 24 hours and about 1% over the week. However, the monthly growth exceeds 13%, and on an annual basis, the asset remains up nearly 50%. However, September could prove to be a test for the upward trend: on-chain metrics and technical indicators suggest a likelihood of correction.
The key signal is the profit supply indicator, which reflects the share of coins trading above their purchase price. On August 28, the metric reached a six-month high of 96.56%, and then slightly decreased to 90%. History shows that such extreme values often precede corrections.
On July 13, the indicator rose to 96% when SOL was trading at $205. Soon the price fell by 23% to $158.
On August 13, a rise to 94.31% led to a 12% decline — from $201 to $176.
On August 23, another peak at 95.13% triggered a drop of 8% — from $204 to $187.
The return of the indicator to high values again increases the risk of correction in September.
An additional risk factor remains the growth of SOL balances on centralized exchanges. As of August 28, they exceeded 32 million tokens compared to less than 30 million at the beginning of the month. This usually indicates that holders are ready to take profits.
If the price falls below $195 and especially $182, the bearish scenario will be confirmed. In this case, SOL risks going to $160, which corresponds to a pullback of 15–20%. To cancel the bearish forecast, the bulls need to hold above $217 — the local maximum from the end of August. Then the price could return to growth.
Historically, September has been a successful month for Solana: since 2021, the token has yielded profits of 29%, 5.3%, 8.2%, and 12.5%, respectively. However, the current combination of two factors—record profit supply and rising exchange inventories—makes 2025 a potential exception.