Solana Faces $175 Resistance With $985 Million In Open Interest

Solana (SOL) is approaching a critical price level, with the $175 resistance zone being closely watched. After trading sideways for much of Q2 2025, Solana’s recent price action and on-chain metrics suggest it could be nearing a pivotal breakout. Crypto analyst Ali Martinez highlighted that if the market is gearing up for a second leg up, Solana could benefit significantly. The volume-weighted average price (VWAP) across this band reinforces its importance as a potential springboard for further growth. If SOL can breach the $175 mark, it may unlock a bullish leg upward. However, Martinez warned that strong resistance remains just above.

On-chain data from IntoTheBlock confirms that this resistance zone is loaded with investor activity. The platform shows significant “In/Out of the Money Around Price” clusters between $170 and $180. This means a large cohort of holders is either looking to break even or lock in profits, making it difficult for the path above $175 to gain new momentum. If SOL clears that wall, the next major cluster appears between $210 and $230, where more than 1.2 million addresses are positioned.

The open interest for Solana (SOL) perpetual futures has reached $985 million. This data indicates a significant level of investor interest and participation in the SOL derivatives market, specifically in perpetual futures contracts. On the developer front, Solana continues to attract active builders. Daily active developers on Solana averaged 180 in June 2025, placing it third behind Ethereum and Polygon. While this is down from its peak in late 2023, it still marks Solana as a robust Layer 1 network with consistent technical development.

Despite positive fundamentals, macro uncertainty clouds the broader crypto market. The Federal Reserve’s decision in late June to hold interest rates unchanged, along with persistent inflation data, has kept risk appetite muted. Bitcoin and Ethereum have struggled to regain momentum, and SOL’s fate may depend on broader market sentiment as much as on its own metrics. Solana’s $175 resistance is more than a psychological level—it’s a volume-weighted wall reinforced by millions of tokens and thousands of wallets. Breaching it will likely require either a macro catalyst or renewed inflows into the network. Until then, $175 remains the gatekeeper.

Whether it becomes a springboard to $300 or a ceiling for consolidation, the data suggests the next move could be decisive. The next major cluster appears between $210 and $230, where more than 1.2 million addresses are positioned. This indicates that if SOL can clear the $175 resistance, it may have the momentum to reach $300. However, the strong resistance and the significant investor activity in the $170-$180 range suggest that this breakout may not be easy. The open interest for Solana (SOL) perpetual futures has reached $985 million, indicating a significant level of investor interest and participation in the SOL derivatives market. On the developer front, Solana continues to attract active builders, with daily active developers averaging 180 in June 2025. This places Solana third behind Ethereum and Polygon, but still marks it as a robust Layer 1 network with consistent technical development. Despite these positive fundamentals, macro uncertainty clouds the broader crypto market. The Federal Reserve’s decision in late June to hold interest rates unchanged, along with persistent inflation data, has kept risk appetite muted. Bitcoin and Ethereum have struggled to regain momentum, and SOL’s fate may depend on broader market sentiment as much as on its own metrics. Solana’s $175 resistance is more than a psychological level—it’s a volume-weighted wall reinforced by millions of tokens and thousands of wallets. Breaching it will likely require either a macro catalyst or renewed inflows into the network. Until then, $175 remains the gatekeeper. Whether it becomes a springboard to $300 or a ceiling for consolidation, the data suggests the next move could be decisive.