TLDR
- SOL hovers around $182-193 with analysts predicting potential climb to $210-218 range by early September
- Staking ETF from REX-Osprey attracts $25.8 million weekly inflows, totaling $164 million in seven weeks
- Blockchain activity surges with 31% monthly transaction growth reaching 2.44 billion and 90 million active addresses
- Cup-and-handle formation on charts suggests measured move potential with $200 acting as key breakout level
- Network fundamentals strengthen as stablecoin holdings rise to $11.6 billion and staking rewards hit 7.52%
SOL continues consolidating near $182 after retreating from recent peaks above $210. The digital asset remains well above its yearly low of $95 reached in April, maintaining bullish momentum despite short-term volatility.
Market participants are closely watching the $200 psychological level. A break above this threshold could trigger additional buying pressure from both retail and institutional investors.
The REX-Osprey SOL + Staking ETF demonstrates growing institutional appetite. Last week’s $25.8 million in net inflows represents a substantial increase from the prior week’s $3.5 million. This upward trend has persisted for seven straight weeks.
Total assets under management for the SSK ticker have grown to $183 million. The fund provides exposure to both SOL price appreciation and staking rewards, currently yielding 7.52% annually.
Blockchain Metrics Support Upward Trajectory
Network utilization continues expanding across multiple metrics. Monthly transaction volume jumped 31% to reach 2.44 billion, establishing SOL as one of the most active blockchain ecosystems.
Active wallet addresses have climbed to 90 million users. This represents genuine adoption beyond speculative trading activity. The growth in user base provides a foundation for sustained price appreciation.
Stablecoin deposits on the network increased 6.2% over 30 days to $11.6 billion. Higher stablecoin balances typically indicate users preparing for trading opportunities or DeFi participation.
Adjusted transaction volume expanded 6% to $186 billion. This metric excludes spam transactions and focuses on economically meaningful activity.
DeFi protocols built on SOL continue attracting capital. The ecosystem’s total value locked provides additional utility beyond simple token speculation.
Technical Setup Favors Upside Scenario
Chart analysis reveals SOL trading within an ascending channel pattern. The token has maintained higher lows while testing upper resistance levels near $210.
Moving averages present a constructive picture. SOL trades above its 20-day, 50-day, and 200-day moving averages, indicating sustained upward momentum across multiple timeframes.
A golden cross formation occurred when shorter-term averages crossed above longer-term ones. This technical development often precedes extended rallies in cryptocurrency markets.
The cup-and-handle pattern identified by multiple analysts suggests a measured move toward $218. This formation typically indicates accumulation followed by breakout attempts.
RSI readings remain in neutral territory around 51.50. This provides room for upward movement without reaching overbought conditions that might trigger selling pressure.
MACD indicators show building bullish momentum despite recent price weakness. The histogram reading of 0.5014 suggests underlying strength may emerge.
Volume analysis confirms healthy participation levels. Daily trading volume of $573 million on major exchanges provides sufficient liquidity for large moves.
Position within Bollinger Bands indicates SOL trades above the middle band at $177.94 but below upper resistance at $200.94. This positioning typically precedes directional breakouts.
Conservative traders should wait for confirmed breakout above $200 with volume expansion before establishing long positions targeting $210-218.
More aggressive strategies might involve accumulating positions near $177-180 support levels with tight stop-losses below $172.
The 14-day average true range of $10.98 indicates continued volatility potential that could accelerate moves in either direction.
Risk management remains essential given SOL’s historical price swings and broader cryptocurrency market uncertainty.
