Solana Price- Can SOL Break Resistance and Rally?
Solana Price– Solana (SOL) fell 2.61% on July 1, trimming some weekly gains. Despite this pullback, market data suggests the dip may be temporary. Wallet balances hit record highs, accumulation remains solid, and price movements show bullish signals.
Glassnode reports that on June 28, addresses holding at least 0.1 SOL reached an all-time high of 11.44 million. This milestone coincided with SOL’s price peak at $150.76, indicating rising confidence among smaller investors.
CoinGlass data reveals sustained outflows totaling $525.32 million from centralized exchanges as of July 1. Continued outflows could tighten supply, potentially fueling upward price pressure.
Bullish Sentiment in Futures and Options Markets
Open interest surged notably in both futures and options markets. SOL futures volume jumped 88.74% to $20.24 billion, while futures open interest grew 4.14% to $7.22 billion. Options volume increased by 37.27%, and open interest rose 17.76%. The taker buy/sell ratio confirmed a dominant buying trend, especially on Binance and OKX with readings near 2.
Potential Price Breakout on the Horizon
Technical analysis shows SOL trading within a bullish triangle, having recently broken immediate resistance. A bounce from support levels at $144.87 or $139.88 could set up a retest of $184.88, representing a potential 27% gain. Medium-term charts indicate resistance at a descending line, which if broken, could lead SOL toward targets at $181.46, $203.98, and $244.00.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
