- Solana’s network exercise hit a file 15.39 million addresses.
- SEC rapid-tracks SOL ETF filings after SSK ETF launch.
- SOL nears key $160 resistance amid sturdy technical setup.
Solana (SOL) has seen a intrepid Forty five.6% surge over the past three months, pushed by file-breaking network exercise and lengthening optimism around a possible commerce-traded fund (ETF) approval within the US.
Notably, the price hike has introduced SOL closer to the fundamental resistance zone around $160, elevating hopes of a breakout as momentum builds from each and every technical and fundamental fronts.
Day after day exercise on the Solana Network hits file highs
Solana’s network has witnessed a keen extend in usage over the past few weeks, with Day after day Keen Addresses (DAA) soaring to a historical height of 15.39 million.
This surge in on-chain engagement shows rising inquire of for the platform’s decentralised functions and staking products and services, especially at a time when diverse blockchain networks contain shown stagnation.
In the fundamental week of July, exercise briefly dropped below 5 million, perfect to rebound to 14.63 million by July 7, signalling sturdy underlying user curiosity and a resilient ecosystem.
Such constant hiss in user exercise is continuously a precursor to sustained imprint appreciation, particularly when it coincides with particular market sentiment.
Solana ETF speculation provides to bullish momentum
Speculation across the approval of a Solana ETF has intensified after the US Securities and Alternate Commission (SEC) requested fund issuers to interchange and resubmit their functions by the tip of July.
Whereas the SEC has till October 10 to prevail in a final decision, sources shut to the matter contain urged that the timeline could scamper up following the shock launch of the SSK ETF — the fundamental Solana staking fund to head stay 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 purchasing and selling quantity, adding urgency to the SEC’s response timeline.
Analysts imagine that the existence of a stay Solana-basically based ETF has compelled the SEC to protect remote from giving one fund a aggressive edge, as it did within the case of Bitcoin and Ethereum ETF approvals.
This regulatory backdrop has contributed to renewed bullishness within the Solana market, even supposing approval is no longer but assured.
Investor behaviour signals restful accumulation
Alternate data also supports the bullish setup, with bag outflows from centralised platforms rising steadily in present weeks.
This pattern normally implies that traders are tantalizing their holdings into frigid storage or decentralised wallets, a popular tag of accumulation by long-term holders.
Furthermore, despite low or detrimental funding charges, which present an absence of aggressive long positions, the market has remained agency — a setup that could lead to a rapid squeeze if SOL breaks greater.
With funding charges staying flat and quantity conserving above $4.5 billion day by day, momentum could shift like a flash if key resistance ranges are cleared.
Technical diagnosis ingredients to a breakout strive
On the charts, Solana (SOL) is rounding off a conventional cup-and-tackle pattern, which is continuously a bullish continuation tag when followed by a breakout above the upper tackle.
For the time being, SOL is hovering correct below the serious resistance zone between $159 and $163.82, ranges that align with key tantalizing averages and Fibonacci retracements.
At the time of writing, Solana used to be purchasing and selling at $150.76, merely below the $159 barrier that has capped its rallies for several weeks.
The price stability above $150, despite unstable market stipulations, reveals sturdy shopping for strain and investor self belief, even as leveraged traders remain on the sidelines.
Whereas the Transferring Moderate Convergence/Divergence (MACD) reveals momentum truly fizzling out, it remains shut to the zero line, indicating a possible pattern reversal if upward strain continues.
The Relative Power Index (RSI) sits shut to 50, revealing investor indecision but also suggesting room for a significant stride in either course.
A orderly breakout above $159 would possible verify the cup-and-tackle formation and originate the door to greater targets, with $194.25 and $215 as the following fundamental imprint zones to look at.
