Solana Price Forecast Can SOL Reach 150 After a 16 Surge

CoinJiawang Report:
Solana’s price rebounded by 16% over the weekend, reclaiming the $140 range on July 8th (Monday). The different trends between SOL price and Open Interest indicate that there is more potential for upward movement in the coming week.
Solana’s price touched $140 after a 16% increase over the weekend
The cryptocurrency market experienced significant downward volatility in the first week of July, with large-cap altcoins like Solana suffering double-digit losses.
However, investor sentiment towards the cryptocurrency market improved significantly following the release of the latest non-farm payroll report by the US Bureau of Labor Statistics on July 5th (Friday).
Furthermore, the recent submission of the Solana ETF by VanEck against the bearish market trend has greatly boosted SOL’s price over the weekend.
Solana’s price dropped to $121 on July 5th, the lowest level in 35 days since May 2024. But since the release of dovish NFP data by US authorities on Friday, buyers have returned to the cryptocurrency market in hopes of a slow development towards the anticipated rate cut in the US economy.
Since touching the 35-day low of $121 on July 5th, Solana’s price has rebounded by 16% over the weekend, reclaiming the $140 level at the time of writing this article on July 8th (Monday), while other companies like Bitcoin and Ethereum have only seen a 9% increase during this period.
This indicates that the recent positive progress surrounding VanEck’s approval of the Solana ETF may have attracted investors’ attention to SOL. If this rising demand continues, Solana’s price could approach the critical resistance level of $150 in the coming week.
Solana price prediction: SOL could reach $150 this week
Solana (SOL) has shown significant recovery in the past few days, as indicated by the recent price trends and technical indicators on the daily chart. The price has rebounded from the recent low of $120, showing strong bullish momentum.
The recent closing price of $136.98, along with a 4.08% increase, indicates that buyers are gaining control. The ALMA (Arnaud Legoux Moving Average) at $136.15 is also considered a dynamic support level, further strengthening the bullish sentiment.
The Commodity Channel Index (CCI) is currently at -33.64, still below the 0 level, but indicates a move from the previous oversold state towards the neutral zone. This shift usually suggests a weakening of selling pressure and an imminent potential shift towards an uptrend. Traders should pay attention to the CCI crossing above the 0 level, as this would provide stronger bullish confirmation.
Key resistance levels to watch are $140 and $150. The $140 level is a psychological barrier that previously served as a resistance point. If the price can break through and maintain above this level, it may open the path to $150, which is another significant resistance area. On the downside, immediate support is found at the ALMA of $136.15, followed by the recent low of $120. A break below $120 could signal a bearish reversal and a retest of lower support around $110.
In conclusion, technical indicators and recent price trends suggest that Solana could reach $150 this week, provided it maintains its current bullish momentum and breaks through key resistance levels. Traders should monitor the CCI and ALMA for further confirmation of the trend’s strength and pay attention to support levels to manage potential downside risks.