Solana (SOL) is currently trading around $117.38, following a strong rebound from its previous lows. After climbing to a session high of $119.90, SOL approached a significant resistance zone between $118 and $120. This marks the first time in eight months that the token has tested the $120 area.
Technical Signals Hint at Potential Upside
Analyst Ash Crypto has highlighted that SOL recently moved above its 200-week moving average, a development he regards as an encouraging technical signal. Ash Crypto also pointed to the formation of a weekly golden cross, which could indicate a shift in the long-term trend if confirmed. The analyst emphasized that although the golden cross has not been officially confirmed, reclaiming these levels remains significant for SOL.
Another market watcher, GordonGekko, noted that maintaining support above $118 could set the stage for a rally targeting $148. His technical analysis showed SOL bouncing from a previous base near $96, with momentum accelerating as the price approached current resistance. If the price fails to hold above $118, attention shifts to the $110-$112 range, with the 20-day exponential moving average near $105.59 acting as additional support, according to TradingView data.
Analyst JAVON MARKS suggested that SOL has broken out of a long-term Cup and Handle pattern, projecting that the full measured move of this breakout could point to a level above $500, though this is interpreted as a technical possibility rather than a concrete forecast.
Analyst Sweep made comparisons to earlier phases in SOL’s price action, referencing a similar accumulation period between $95 and $100 before a major rally. His projections based on fractal patterns suggest a potential path toward $400 to $500 over a longer timeframe.
Derivatives and On-Chain Activity Gain Momentum
On the derivatives front, data released by Santiment Intelligence reveals that SOL open interest has increased to approximately $2.97 billion. For comparison, Bitcoin open interest stands near $25.84 billion, while Ethereum’s open interest is at $16.97 billion. Rising open interest reflects expanding leverage and growing activity among traders as prices rebound market-wide.
Network activity has also accelerated. According to SolanaFloor, Solana has captured a 35% share of tokenized equity trading volume, its highest in the past two months. This brings Solana close to Robinhood’s market share of 39%, after lagging behind in July.
Meanwhile, Solana’s official account reported that the network processed 76% of all x402 payments, amounting to 23.2 million transactions in just four weeks. The second-largest network handled 3.39 million x402 transactions during the same period, highlighting Solana’s expanding use within its ecosystem.
Alongside these technical and on-chain developments, notable trends continue to emerge in the meme token market. Rapid internet-driven phenomena can attract millions of dollars within days. Data from Fomo App captured an instance where an investor turned an initial $99 investment in the meme token “Niu Lai” into roughly $370,000, illustrating how timing and token selection play a decisive role. Platforms like Fomo App bring together token discovery and trading with features such as social feeds, investor rankings, and real-time trade notifications, catering to those tracking both price movements and broader investor activity in meme tokens.
SOL’s price was last recorded just below $118, remaining close to the level that analysts consider pivotal for future price direction.
Market observers underlined that derivatives activity, network participation, and technical breakdowns are converging at a critical level for SOL, with $118 emerging as a focal point for both upward and corrective moves.
