Solana Price Update

Solana price remained in a tight range despite a 15% surge in futures open interest.

As of July 15, the Solana (SOL) token was trading at $160, slightly below this week’s high of $167. This consolidation suggests strong resistance on the path to $200.

According to CoinGlass, Solana’s futures open interest has risen to $8.8 billion, the highest level since January, indicating continued strong demand among investors.

Network Fundamentals

Additional metrics indicate ongoing strength in Solana’s network fundamentals. Data from Nansen shows a 27% increase in transaction volume over the past week, surpassing 596 million total transactions, outpacing other top ten chains combined.

Solana’s active addresses rose by nearly 5% to 25.5 million, while total network fees increased 24% to $7.3 million. Rising network fees and address activity typically signify growing on-chain engagement.

Further insights reveal Solana’s stablecoin network flourishing, with stablecoin addresses climbing 40% in the past 30 days to over 3.3 million. Monthly transactions and adjusted volume increased to $194.3 million and $108 billion, respectively.

Interest in Solana is also bolstered by the REX-Osprey SOL + Staking ETF, which attracted over $77 million in inflows within less than two weeks of its launch. Additionally, investors have been growing their staked Solana positions, with inflows in the last month reaching 6 million tokens, valued at $913 million.

Solana Price Prediction

On the daily chart, SOL has traded sideways recently as bullish momentum has slowed. The price action formed a large symmetrical triangle, with both the upper and lower trendlines converging.

SOL is currently consolidating near its 50-day and 200-day Exponential Moving Averages. Meanwhile, the Relative Strength Index (RSI) and Stochastic Oscillator are trending lower, reflecting diminished short-term momentum.

However, the symmetrical triangle pattern suggests a potential breakout. A move above the triangle’s upper boundary could confirm a bullish continuation, targeting $200 as the next technical level.

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