Solana price prediction this week: can $160 spark the next leg up?
Main Idea
Solana's price shows signs of a bullish reversal with increased trading volume and ETF momentum, but faces stiff resistance at $160. The token's future movement depends on breaking this resistance and fundamental factors like staking demand and ETF speculation.
Key Points
1. Solana surged over 4% on July 10, reaching $159.60, with a 19% increase in 24-hour trading volume to nearly $4.9 billion.
2. Despite the recent uptick, Solana remains 46% below its all-time high of $294, pressured by regulatory uncertainty and Bitcoin ETF preference.
3. DeFi Dev Corp increased its holdings to over 846,000 SOL (worth $133 million), signaling strong conviction in Solana's long-term potential.
4. Analysts estimate a 95% chance of Solana ETF approval, which has already shifted market sentiment, with SOL now included in the Truth Social Crypto Blue Chip ETF.
5. Solana's price path to $200 depends on breaking the $160 resistance, with potential targets at $180 and $200 if support holds, or consolidation between $140 and $160 if resistance persists.
Description
A clean break above $160 could confirm Solana’s bullish reversal, but resistance remains stiff. With trading volume up 19%, ETF momentum rekindling, institutional capital pouring in, and staking demand rising, the odds of a breakout are improving. The question is whether SOL can sustain the momentum. On July 10, Solana ( SOL ) surged over 4%, climbing from an intraday low of $153 to reach $159.60 by press time, marking one of the token’s strongest single-day moves in recent weeks. The uptick cam...
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