Solana’s been doing a little dance lately. On July 1st, SOL took a modest 2.61% dip, trimming some of its weekly gains.
But don’t go crying into your coffee just yet, the smart money’s still playing the game, and the signs are flashing bullish like a neon sign in a smoky jazz club.
All-time high
The number of Solana wallets holding at least 0.1 SOL just hit an all-time high of 11.44 million on June 28th.
That means more people than ever are holding some skin in the game. And guess what?
This jump happened when SOL’s price jumped to about $150 . It’s like the little guy’s finally stepping up, showing some serious grassroots confidence.
Now, let me tell you about the big players moving their pieces. Data from CoinGlass reveals that centralized exchanges have seen a $525 million in SOL outflows by July 1st.
When coins move off exchanges, it’s usually a sign holders are locking them away, not selling.
This could squeeze supply tighter than a mob boss’s grip on his territory, setting the stage for a price rally.
Solana futures traders are optimistic
And there’s more. Experts say futures and options traders are waving their flags, signaling they’re betting on a SOL comeback.
Futures volume jumped nearly 89% to $20.24 billion, and open interest rose over 4% to $7.22 billion.
Options markets aren’t sitting this one out either, volume up 37%, open interest up almost 18%. The Taker Buy/Sell Ratio?
It’s flirting with bullish territory, especially on Binance and OKX, where it’s pushing close to 2. That’s like the crowd at a playoff game screaming for their team to score.
$244 SOL price target?
Now, SOL’s price is testing the waters. It’s trading inside a bullish triangle and just nudged past immediate resistance.
If SOL can hold support around $144 or $139, it could shoot for $184, and that’s a juicy 27% upside from current levels.
Medium term? The path’s a bit trickier. Analysts say SOL’s facing a descending resistance line, kind of like a bouncer at the club door. But if it busts through, targets of $181, $203, and even $244 come into play.
After all, Solana’s wallet activity and strong futures action hint that the demand’s clearly heating up.
If this momentum keeps rolling, SOL could be gearing up for a breakout worthy of the big leagues. Let’s see!
