TL;DR

• Over $11 million in short positions were liquidated as Solana surged through the $190 barrier.
• Only 1.59% of supply was bought above $189, signaling low resistance ahead.
• SOL products attracted $39 million in institutional inflows last week, boosting market confidence.

SOL Moves Past $190 as Shorts Unwind

Solana extended its rally on Monday, rising to $191 after clearing a key resistance level. The move was driven by forced liquidations of short positions and renewed inflows from larger investors. At the time of writing, SOL trades at $191, up 6.25% over the last 24 hours and 14.14% over the past week.

More than $11 million in shorts were liquidated as the price crossed $190, according to Coinglass. The largest single liquidation took place at $188 and was valued at $1.13 million. These added to the upward pressure as traders moved to cover positions.

Supply Thins Out Above $190

On-chain data shows $190 as a major level where over 8 million SOL was previously acquired. Above that, the supply becomes less dense, meaning fewer holders are positioned to sell. This reduces resistance and can allow price to move with less friction.

Data from Glassnode confirms that only 1.59% of the total supply was bought above $189. If buying continues, the price could accelerate, as fewer sellers are likely to step in at higher levels.

Solana is also attracting new inflows from institutions. According to CoinShares, SOL investment products brought in $39 million during the past week. This places it among the highest inflow totals for non-Bitcoin assets in the report.

Consequently, these flows reflect growing attention from funds and asset managers. Increased activity in Solana’s ecosystem, including DeFi and NFT sectors, may be supporting this trend as capital returns to altcoins.

Traders Look for Continuation

Analysts now focus on whether SOL can hold above $190. DonAlt said a sustained move past resistance could open room for further gains if current momentum continues.

While $185 remains a level to watch on any dip, traders are now looking higher as Solana pushes into a low-resistance zone. With volume rising and institutional support growing, market attention remains on whether this breakout will carry forward.

Publicly-traded company Strategy Inc. has acquired 6220 BTC for approximately $740 million at an average price just shy of $119,000.

The firm, spearheaded by Michael Saylor – Wall Street’s most vocal Bitcoin proponent – now holds a whopping 607,770 BTC acquired for $43.6 billion with an average price of $71,756 per coin.

Strategy has acquired 6,220 BTC for ~$739.8 million at ~$118,940 per bitcoin and has achieved BTC Yield of 20.8% YTD 2025. As of 7/20/2025, we hodl 607,770 $BTC acquired for ~$43.61 billion at ~$71,756 per bitcoin. $MSTR $STRK $STRF $STRD https://t.co/8z5HygrDWs

— Michael Saylor (@saylor) July 21, 2025

This is the last in line of multiple previous acquisitions. Last Monday, the company bought another 4225 BTC before Bitcoin’s price exploded to a new all-time high.

Back then, the average price was $111,827.

Companies focused on establishing crypto treasuries are becoming more and more common. And while we’re used to seeing BTC-focused firms, ETH is also starting to attract a lot of attention. Just today, CryptoPotato reported that a Pantera-backed company called The Ether Machine plans to go public with a committed capital of 400,000 ETH.

Bitcoin (BTC) is flirting with $120,000 again, but there’s a growing tug-of-war between leveraged optimism and quiet spot distribution behind the scenes.

This is according to pseudonymous analyst Mr. Wall Street, who warned on July 20 that while short-term momentum remains intact, BTC’s mid-term trajectory may be weakened as long-term holders start to cash out.

Bull Case Amid Bearish Undercurrents

In his assessment, Mr. Wall Street noted that the world’s number one cryptocurrency has secured its local bottom around $116,000, following a predicted pullback. He believes the asset will rise to between $120,000 and $123,500 in the short term, before a mid-term run pushes it towards the $133,000 to $140,000 range.

However, the market watcher tempered his positive outlook with a critical on-chain observation: wallets that accumulated heavily at the $16,000 to $20,000 cycle lows in August 2022 have started offloading spot holdings, a pattern he says is eerily similar to what preceded the last cycle top. If that setup repeats, their selling this week could signal a potential market top forming by late October or early November.

“It’s clear that these individuals know how to play this game,” noted the expert. “The fact they have already started to reduce the size of their own spot positions, after holding for three years, is a sign that they are anticipating a cycle top coming soon.”

His assessment isn’t far from that shared by technical analyst CryptoVizArt, who cited CryptoQuant data showing that BTC reserves on centralized exchanges have risen to their highest since June 25. Historically, such increases often suggest growing sell-side pressure and typically come before local tops.

“The market is getting weaker, regardless of what the charts are showing us,” warned Mr. Wall Street on X.

Macro Crosswinds

The immediate outlook still faces a few tests, including the July FOMC meeting, even though no rate cut is expected. According to Mr. Wall Street, markets are pricing in potential September cuts, which could fuel a pre-meeting pump followed by a “sell the news” event.

Meanwhile, Bitcoin was trading at $119,269 at the time of this writing, up a slight 0.9% over 24 hours but down 2.9% over the past week. Additionally, it gained 9.4% over two weeks and 15.3% in the past 30 days, but remains 2.9% below its July 14 all-time high.