- Solana (SOL) is at a critical resistance level of $145, and a decisive break above this threshold could push the price toward $180, fueled by strong whale activity and on-chain growth.
- However, the market remains cautious, with traders awaiting confirmation before fully committing to a bullish breakout.
Solana (SOL) has recently sparked a surge in excitement, with whales making significant moves and the network seeing a notable rise in on-chain activity. However, the real question remains: Can SOL break through the critical resistance level of $145 and maintain its momentum? Here’s a breakdown of the current scenario and what to watch for in the coming days.
A Major Milestone: Solana’s Rise and Resistance at $145
After several weeks of impressive growth, Solana has hit a key resistance level at $145, a threshold that has historically been difficult to surpass. Despite this, there’s a sense that the market conditions could finally be in Solana’s favor. The coin has gained over 40% in the past month, signaling a renewed interest from investors and traders alike. With increasing whale activity and volume spikes, there’s a palpable sense of anticipation, but there’s one catch: SOL needs to decisively close above $145 to confirm its breakout.
Bulls Eye $180, But $145 Stands in the Way
SOL has recently broken free from a descending price channel, and with price action showing higher lows and rising volume, the technical indicators look promising. However, to truly flip the narrative, SOL must break through the $145 barrier and secure a daily close above it. If successful, analysts predict that the next target for SOL could be $180, which would mark a significant leap in its bullish trend. Failure to break through could result in a rejection, sending the price back to previous support levels.
Whale Bets and Strong On-Chain Activity Fuel Optimism
Behind the price movement, institutional investors are betting big on Solana. Galaxy Digital, for instance, recently withdrew $80 million worth of SOL from exchanges, signaling strong confidence in the coin’s future. In addition to whale activity, Solana’s network fundamentals are also strengthening. The blockchain recently reported over 29 million active addresses, a 17% increase, and more than 374 million transactions, surpassing other blockchain networks. Its decentralized exchange (DEX) volume even hit $2.27 billion, overtaking Ethereum in the process.
Traders Play Cautiously, Awaiting Confirmation
Despite the promising signs, there’s still a sense of caution in the market. While interest in Solana has grown, the derivatives market is showing mixed signals. Open interest and options volume have surged, but total volume has dropped, suggesting that traders are waiting for confirmation of a solid breakout before fully committing. A recent short squeeze removed over $5 million in short positions, but the funding rates remain neutral to slightly negative, indicating upward pressure without overwhelming conviction.
The Verdict: Will $145 Hold or Break?
Solana is currently at a crucial juncture. The technicals are favorable, whales are confident, and on-chain metrics are impressive, but the $145 resistance is a significant hurdle. The next few days will be pivotal in determining whether SOL can maintain its upward momentum or if it will fall short once again. For now, all eyes are on the $145 mark—if bulls can flip it into support, a rapid climb to $180 could be in the cards. Until then, Solana remains in a delicate position, full of potential but still waiting for that final push to break free.
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