Key Insights:
- Solana (SOL) could reach $164 as resistance broke, backed by the aggressive buying momentum.
- Solana options surged by over 51%, indicating increased interest from traders and institutions.
- Analysts foresee a possible $164 for the month, with extended buying pushing it near $170 and above.
Solana (SOL) returned to attention. After weeks of consolidation and muted price action, the cryptocurrency broke through a major resistance level. This marks a pivotal shift in market momentum and signals potential for further upside.
On July 9th, analysts observed the formation of a classic breakout pattern on the 4-hour chart of Solana. The price had been squeezed between converging trend lines to form the symmetrical triangle formation. This setup usually signals an impending big move.
The key number was $153. Once SOL broke above this level, momentum surged. Indicators, such as the MACD, turned bullish, with the MACD line crossing above the signal line. This was a green light to the traders. A buying frenzy took hold, and Solana surged to chase the next target: $164.
Market sentiment shifted rapidly. Social media were now brimming with optimism. Ali, the crypto analyst who highlighted the breakout, stated that SOL could confirm short-term gains to $164. This could be seen once it cleared $153.
Other chart watchers shared a similar view. They noted that Solana had been coiling beneath a descending trendline since the year started. Breaking out of this range could carve out a much stronger uptrend, even paving the way for new all-time highs later in the year.
Support levels have been shifting. Previously, a resistance at $153 now steps in as a new floor for the price. The bulls are in charge if SOL does not dip below the mark.
After that, the next resistance at $164 is now within striking distance. If things continue at this pace, Solana could reach $170 and beyond soon.
Options Volume of Solana Skyrocket 51%
Options volume has exploded by more than 51% in the last 24 hours. The spike is not a fluke. It represents a drastic change in trader sentiment and institutional activity.
Open interest in Solana options and futures exploded on almost all exchanges. Solana futures have recently been added to CME Group’s offerings.
This week, reported trading volumes surpassed $4 Billion, marking a new all-time high. The spike points to strong market interest and activity. Both professional and retail investors appear to be actively involved.
Certain factors prompt the frenzy:
- Institutional inflows: Large funds investing capital in Solana, seeking higher returns and diversification.
- ETF optimism: Rumors and filings for a Solana spot ETF have fueled bullish bets.
- On-chain Development: The Solana ecosystem continues to expand, attracting DeFi, NFT, and gaming projects.
More options activity means traders positioning for the big moves that could hedge some risks or speculate on further upside. A 51% increase in options volume suggests that volatility is returning to these markets. The traders anticipate significant price swings in the days ahead.
Further Predictions
A fairly bullish technical setup is in place for Solana. The resistance at $153 has been pierced, and $164 is now seen by analysts as the next logical target. These levels can be eyed if SOL can close above $164, $170, $180, and $200 over the next few months.
Short-term forecasts are bullish. Analysts believe Solana may rally 12–15% toward $165–$175 by mid-July. This potential rise depends on continued support from the broader crypto market.
A bullish engulfing pattern on the weekly chart points to strong momentum. The RSI remains in a healthy range, showing that Solana has not yet been overbought.
Slooreviews, a crypto analyst, stated that $160 isn’t a moon target; it’s reclaiming territory. Once that breaks, the runway opens up. Long-term predictions remain quite bullish. If Solana continues this trend, it may check its all-time high of $294 by the end of the year.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
The post Solana Eyes $164 As Resistance Broke & Options Volume Skyrocket appeared first on The Market Periodical.
