Solana News Today: Solana Surges 15.77% on Strong Technicals and Derivatives Momentum

Solana ($SOL) is experiencing a significant bullish breakout, with the price surging to $181 in early August, following a breakout from a descending channel that had been in place since mid-July. The movement is supported by strong technical indicators and rising market activity, particularly in derivatives trading. The Relative Strength Index (RSI) is currently at 60.61, and the Moving Average Convergence Divergence (MACD) remains above the signal line, both signaling continued upward momentum [1].

Derivatives market data highlights the strength of the current trend. Trade volume has increased by 9.35%, reaching $24.12 billion, while open interest has risen to $9.88 billion, a 1.60% increase. This indicates growing confidence among traders in the sustainability of the bullish movement. Notably, bid walls at $174 suggest accumulation by large buyers, with liquidity clusters likely targeting $177 and $194 as next key resistance levels [1].

According to BitGuru, the recent 15.77% price increase on the 4-hour chart from the $155–$160 demand zone shows strong buying pressure. A sustained close above $180 could lead to a retest of the $206 high, while a failure to maintain this level may result in a pullback toward $170 or $165. The $165 level has historically acted as a stabilizing point, attracting both buyers and sellers, and remains a critical area to monitor for potential corrections [1].

On-chain data and chart patterns also support the continuation of the bullish trend. The daily chart from Crypto Target shows a higher-low formation above the 50 EMA, with the 100 EMA and 200 EMA both trending upward. A golden cross is also forming, where shorter-term moving averages are beginning to cross above longer-term ones, further reinforcing the constructive technical environment [1].

Order flow analysis from Blockchainedbb indicates that large bid clusters are forming just above $174, reflecting active accumulation at this level. This supports the view that buyers are preparing for a potential push toward $187 and beyond, assuming volume and market sentiment remain supportive. A breakout above $175 could see the price test $187 next, with further gains dependent on continued strength in volume and overall market conditions [7].

Analysts remain cautiously optimistic, noting that as long as Solana remains above $140, the potential for a retest of the $250 level remains intact. However, the $189 to $194 range is expected to see increased sell-side pressure, which could act as a temporary barrier to higher prices. For now, the absence of heavy selling below $189 provides a relatively clear path for the asset to continue its upward trajectory [1].

Sources:

[1] Solana Price Prediction: SOL Holds Key Support as ... https://bravenewcoin.com/insights/solana-price-prediction-sol-holds-key-support-as-breakout-targets-250-in-bullish-setup

[7] Solana Price Rebounds on Whale Accumulation and ETF ... https://www.ainvest.com/news/solana-news-today-solana-price-rebounds-whale-accumulation-etf-inflows-2508/