Solana Eyes Breakout as Bullish Signals Strengthen
Key Takeaways
- Solana (SOL) is facing a critical technical resistance at USD 145.
- Large investors (“whales”) have recently invested USD 80 million in SOL.
- Network activity currently surpasses Ethereum in several key metrics.
- The market shows cautious optimism but awaits a clear breakout confirmation.
Solana Reaches Critical Resistance at USD 145
Solana (SOL) has rebounded after weeks in a downward trend channel and is now approaching a key resistance zone between USD 138 and USD 145. This area has historically been a significant level where many sellers became active. If buyers manage to turn this zone into a support level, a further rally toward the next hurdle at USD 180 could follow.
Technical Signals Indicate a Possible Trend Reversal
The price structure is showing higher lows and increasing trading volume – both signs of a potential trend reversal. A daily close above USD 145 would be a strong signal for a continuation of the upward trend. However, without this confirmation, the situation remains uncertain.
Whales Are Betting on Solana
A major driver of the current momentum is the behaviour of institutional investors. Galaxy Digital, a major player in the crypto sector, recently withdrew 606,000 SOL worth approximately USD 80 million from exchanges. Of this, 462,000 SOL worth about USD 60 million were staked. This move suggests long-term confidence in the Solana network.
Network Activity at Record Levels
On-chain data also paints a clear picture:
- 29 million active wallets – an increase of 17%.
- 374 million transactions – more than any other blockchain.
- Decentralized exchanges (DEXs) on Solana recorded a daily volume of USD 2.27 billion, exceeding Ethereum.
- Transaction fees rose by 42% to USD 7.67 million.
These figures show that Solana is not only attracting speculative interest but is also seeing strong real-world usage – particularly in the areas of DeFi (decentralized finance) and NFTs (digital collectibles).
Derivatives Market Remains Cautious
Despite the positive fundamentals, traders in the derivatives market remain cautious. While open interest – the total capital in open positions – rose by 10.71% to USD 5.57 billion, and options trading volume increased by 164.97%, the overall volume dropped by 31.89%, and open interest in options fell by 15.20%. This suggests that many market participants are still waiting for a confirmed breakout.
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Liquidations Show Pressure on Short Positions
A look at liquidations reveals that short sellers were recently caught off guard: short positions worth USD 5.57 million were liquidated, while long positions were barely affected. This points to a so-called short squeeze – a sudden price increase forcing short sellers to cover their positions. However, funding rates remain neutral to slightly negative, indicating some hesitation among long-position traders.
Our Assessment
Solana is at a turning point. Technical indicators, institutional investor behaviour, and strong network activity all suggest further upside potential. However, the resistance at USD 145 remains a crucial test. Only a clear breakout above this level could trigger a sustained rally toward USD 180. Until then, caution is advised – especially for traders using high leverage.
Sources
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