Solana has shown significant growth in recent days and is facing key resistance levels, raising questions about future price movements.
Solana's rise and increased trading activity
On July 10, Solana (SOL) surged over 4%, climbing from an intraday low of $153 to reach $159.60 by press time, marking one of the token’s strongest single-day moves in recent weeks.
The uptick came amid a sharp rise in market activity, with 24-hour trading volume jumping 19% to nearly $4.9 billion, suggesting traders are positioning for a potential breakout.
Institutional interest and ETF impact
Despite this week’s move, Solana remains significantly below its January peak near $294. Regulatory uncertainty and investor preference for Bitcoin ETFs have pressured SOL, alongside internal challenges.
However, institutional interest is heating up. For instance, DeFi Dev Corp increased its holdings to over 846,000 SOL worth more than $133 million, signaling confidence in Solana’s long-term potential. BIT Mining’s recent $300 million investment in Solana is a further sign of support.
Price prospects and key levels
Solana’s price trajectory hinges on two key factors: a decisive break above $160 and sustained institutional inflows. If SOL flips $160 into support, the next targets are clear: $180 first, then $200. If resistance holds, expect consolidation between $140 and $160 until the next catalyst emerges.
Solana is on the brink of a possible breakout, and this week could be pivotal in determining the trend for the price, whether it leads to a rally or yet another false start.
