Solana Targets $164 Rally as Technical Indicators and Fundamentals Align

Solana ($SOL) has recently captured the attention of analysts and traders alike, with a potential rally to $164 on the horizon. The cryptocurrency has broken out of a symmetrical triangle pattern on the 4-hour chart, a technical formation that suggests a period of price consolidation followed by a directional move. According to analyst Ali, a confirmed breakout above the $153 resistance level could trigger a bullish move with a short-term target of $164. As of the latest reports, Solana was trading exactly at this key threshold, setting the stage for a potential technical breakout.

Momentum indicators further support this bullish outlook. The Moving Average Convergence Divergence (MACD) line has crossed above the signal line on the 4-hour/USDT chart, with both trending upward. This crossover is often interpreted by traders as a sign of increasing buying interest, suggesting that the price may continue to rise. Another pseudonymous analyst, SDX, observed that Solana has been coiling below a descending trendline formed since the beginning of the year. A successful breakout and retest of this level could act as a catalyst for a stronger uptrend, potentially opening the door to a new all-time high if buying volume confirms the breakout.

Beyond technical analysis, fundamentals are also aligning in Solana’s favor. SOL was recently included as one of the featured assets in a proposed “blue-chip” cryptocurrency ETF by Trump Media and Technology Group. Additionally, reports indicate that the U.S. SEC has requested issuers to amend and resubmit applications for spot Solana ETFs by the end of July. This regulatory engagement is often viewed as a bullish sign, suggesting that the agency is open to moving forward with the proposals if certain conditions are met. Such approval could unlock fresh demand from both institutional and retail investors.

Solana has also emerged as a leading blockchain in the real-world asset tokenization sector. Data from Dune Analytics shows that tokenized real-world assets (RWAs) on Solana reached a record $418 million, with a 631% increase in active users over the past 30 days. This surge in network activity is further supported by a dramatic 345% increase in daily active addresses, rising from 3.46 million to 15.39 million. Stablecoin supply on the Solana network has also steadily increased over the past week, indicating an influx of new users leveraging the chain for payments, trading, and tokenized asset settlements. This robust network activity and growing stablecoin supply further bolster the bullish narrative surrounding Solana.

However, analysts caution that this bullish setup could be invalidated if Solana falls below the $147 support level. Despite the optimistic outlook, Solana was trading roughly 48% below its all-time high of $293 at the time of the latest reports. The potential for a rally to $164 hinges on the cryptocurrency's ability to sustain its breakout above the $153 resistance level and maintain strong buying volume. If these conditions are met, Solana could indeed be on the verge of a new meme season, driven by both technical and fundamental factors.