- Solana’s community exercise hit a report 15.39 million addresses.
- SEC fast-tracks SOL ETF filings after SSK ETF launch.
- SOL nears key $160 resistance amid sturdy technical setup.
Solana (SOL) has seen a powerful 45.6% surge over the previous three months, pushed by record-breaking community exercise and rising optimism round a possible exchange-traded fund (ETF) approval in america.
Notably, the worth hike has introduced SOL nearer to the important thing resistance zone round $160, elevating hopes of a breakout as momentum builds from each technical and elementary fronts.
Day by day exercise on the Solana Community hits report highs
Solana’s community has witnessed a pointy enhance in utilization over the previous few weeks, with Day by day Lively Addresses (DAA) hovering to a historic peak of 15.39 million.
This surge in on-chain engagement displays rising demand for the platform’s decentralised purposes and staking providers, particularly at a time when different blockchain networks have proven stagnation.
Within the first week of July, exercise briefly dropped beneath 5 million, solely to rebound to 14.63 million by July 7, signalling sturdy underlying person curiosity and a resilient ecosystem.
Such constant progress in person exercise is usually a precursor to sustained value appreciation, significantly when it coincides with optimistic market sentiment.
Solana ETF hypothesis provides to bullish momentum
Hypothesis across the approval of a Solana ETF has intensified after the US Securities and Change Fee (SEC) requested fund issuers to replace and resubmit their purposes by the tip of July.
Whereas the SEC has till October 10 to succeed in a ultimate resolution, sources near the matter have urged that the timeline may speed up following the shock launch of the SSK ETF — the primary Solana staking fund to go dwell within the US.
The SSK ETF, launched by REX Shares and Osprey, drew $12 million in inflows on its first day and recorded $33 million in buying and selling quantity, including urgency to the SEC’s response timeline.
Analysts imagine that the existence of a dwell Solana-based ETF has pressured the SEC to keep away from giving one fund a aggressive edge, because it did within the case of Bitcoin and Ethereum ETF approvals.
This regulatory backdrop has contributed to renewed bullishness within the Solana market, although approval isn’t but assured.
Investor behaviour alerts quiet accumulation
Change knowledge additionally helps the bullish setup, with web outflows from centralised platforms growing steadily in current weeks.
This development often signifies that traders are shifting their holdings into chilly storage or decentralised wallets, a typical sign of accumulation by long-term holders.
Furthermore, regardless of low or unfavorable funding charges, which present a scarcity of aggressive lengthy positions, the market has remained agency — a setup that would result in a brief squeeze if SOL breaks increased.
With funding charges staying flat and quantity holding above $4.5 billion day by day, momentum may shift shortly if key resistance ranges are cleared.
Technical evaluation factors to a breakout try
On the charts, Solana (SOL) is rounding off a basic cup-and-handle sample, which is often a bullish continuation sign when adopted by a breakout above the higher deal with.
At present, SOL is hovering slightly below the crucial resistance zone between $159 and $163.82, ranges that align with key shifting averages and Fibonacci retracements.
On the time of writing, Solana was buying and selling at $150.76, barely beneath the $159 barrier that has capped its rallies for a number of weeks.
The worth stability above $150, regardless of unstable market situations, reveals sturdy shopping for stress and investor confidence, at the same time as leveraged merchants stay on the sidelines.
Whereas the Shifting Common Convergence/Divergence (MACD) reveals momentum petering out, it stays close to the zero line, indicating a possible development reversal if upward stress continues.
The Relative Power Index (RSI) sits near 50, revealing investor indecision but in addition suggesting room for a major transfer in both course.
A clear breakout above $159 would probably affirm the cup-and-handle formation and open the door to increased targets, with $194.25 and $215 as the subsequent main value zones to look at.
