Solana News Today: Solana Approaches Golden Cross as Bulls Target $200 Recovery

Solana (SOL) is drawing renewed attention as it consolidates near the $160 support level after retreating from its July high of $205. A key technical development is the potential formation of a golden cross, where the 100-day Exponential Moving Average (EMA) is approaching a crossover above the 200-day EMA. This pattern has historically signaled the start of stronger uptrends and could act as a catalyst for a price rebound [1]. If the price holds above $160 and breaks key resistance at $176, further movement toward $200 becomes a distinct possibility [2].

On-chain data also supports a more optimistic outlook. Solana’s exchange balances have dropped nearly 10% over the past three weeks, indicating reduced liquidity available for selling and potentially setting the stage for a price recovery [1]. Additionally, over $200 million has been bridged to Solana from other blockchains, with $113 million coming directly from Ethereum. This growing capital inflow suggests increasing adoption of Solana-based decentralized finance (DeFi) protocols and highlights the network’s expanding appeal [1].

The institutional perspective also appears to be bullish. Despite the recent price decline, Solana’s CME futures open interest has remained steady, forming a bullish divergence with the spot price. This divergence often precedes short-term price bounces, as seen in late July and early August, when the price rebounded after similar on-chain patterns [1]. For instance, on August 1, open interest held firm at 3.07 million contracts while the price dropped from $162 to $158 before quickly rebounding to $169 [1].

Technical analysts are monitoring several key levels. The most crucial support is $165, with resistance at $177 and $189. A breakout above $188 would put the $200 level back in play, while a drop below $155 would threaten the entire bullish trend. If the golden cross completes and SOL reclaims $176, the short-term bias could shift decisively higher [2].

Further, whale activity has indicated confidence in Solana’s future. A single large investor was reported to have acquired 71,000 SOL—valued at approximately $12 million—signaling strong accumulation by institutional or high-net-worth players [1]. Phantom, Solana’s leading wallet, has also bolstered its offerings by acquiring Solsniper, expanding its on-chain analytics capabilities to better serve users engaging with DeFi and staking protocols [1].

The broader cryptocurrency market has also provided a supportive backdrop. After an initial 6.7% decline at the start of August, the market has shown signs of stabilization, with Bitcoin and Ethereum contributing to improved sentiment. Solana’s on-chain metrics, coupled with its TVL and growing user base, position it well for a potential rebound [5]. Analysts suggest that the current pullback may represent healthy consolidation rather than a broader trend reversal [2].

While some market observers are optimistic, caution remains warranted. Whale activity appears to be more speculative, and any accumulation may not be long-term in nature. The next critical test for Solana will be its ability to maintain momentum above $160 and reclaim key resistance levels [5]. If the golden cross completes and bullish momentum sustains, Solana could see a move back toward $200, with further upside potential if the $189–$206 range is reclaimed [3].

Source:

[1] https://blockonomi.com/solana-sol-price-the-golden-cross-that-could-propel-sol-back-to-200/

[2] https://medium.com/insiderfinance/altcoin-options-trading-signals-for-bnb-xrp-sol-doge-more-harness-the-power-of-powerdex-724cf599d81c

[3] https://www.tradingview.com/symbols/SOLUSDT_9F5A0A.USD/ideas/?asset=base&sort=recent&video=yes

[4] https://finance.yahoo.com/news/pump-pump-pumping-again-solana-200053615.html

[5] https://www.tradingview.com/symbols/SOLUSD/ideas/

[6] https://www.tradingview.com/symbols/SOLUSD.P/ideas/?exchange=BINANCE