The price of Solana's token remains within a narrow range despite significant growth in futures open interest and increased network activity.
State of Solana Price
The Solana token traded at $160 on July 15, slightly below this week's high of $167. This consolidation indicates that the path to $200 has faced substantial resistance.
Surge in Open Interest and Transactions
According to CoinGlass, Solana’s open interest surged by 15%, reaching $8.8 billion - its highest level since January. This indicates strong demand among investors. Additional data from Nansen shows that transaction volume increased by 27% over the past week, exceeding 596 million transactions. Active addresses rose by nearly 5% to 25.5 million, while total network fees climbed 24% to $7.3 million.
Solana Price Forecast
On the daily chart, SOL has traded sideways in recent days as bullish momentum slowed. Price action has formed a large symmetrical triangle, with upper and lower trendlines converging. Consolidation near its 50-day and 200-day Exponential Moving Averages may lead to a breakout. A move above the triangle’s upper boundary is likely to confirm bullish continuation, with $200 as the next technical target.
While Solana faces resistance in reaching $200, rising interest in futures and high network activity might act as catalysts for future growth.
