On Monday, July 15, the Solana price rose above the $150 resistance mark. This came following an over 25% increase over the weekend. The trends in trading volumes point towards active buying. This could lead to higher Solana prices in the coming days.
Solana prices surpass the $150 mark amid a surge in demand over the weekend
After a tumultuous beginning to the month, the general outlook for the larger cryptocurrency market has turned positive over the last 48 hours.
Solana Price Action SOLUSD | TradingView
Solana’s price fell to $121.40 on Friday, July 5, as traders expected more bullish CPI data, dashing hopes of a US Fed interest rate cut. But when the June 2024 CPI was released, it was soft, leading to a sharp surge in demand for the cryptocurrency.
During the current bullish market phase, Solana has been one of the top gainers thanks to good headwinds from its own ETF betting.
$1.9B Trading Volume in Solana Hits with Further Gains Up Front
A crucial market data point shows that Solana bulls are trading more aggressively, although most of the top 20 rated crypto assets have seen significant growth over the past three days. In the next weeks, this trend might lead to a significant breakout towards the $200 mark.
The Coinglass figure below shows the daily volume of Solana trades on various exchanges.
Solana Price vs SOL Trading Volume SOLUSD | TradingView
Solana trade volume reached $1.85 billion on Friday, July 5, while the price plummeted to a weekly low of $121. However, following the weekend purchasing frenzy, Solana prices have risen 27% to $154, while trading volume has only climbed by 6.4% to $1.97 billion as of Monday, July 15.
Whale investors are banking on Solana’s future growth in response to VanEck’s recent application for a Solana Spot ETF.
Solana Price Prediction: $200 Goal Is Now Achievable
The latest jump has resulted in a 27.38% increase in the last ten days, with the price rising from $121.55 to $154.10. Technical indications that imply a continuation towards the $200 goal support this positive momentum, while some care is advised.
The parabolic SAR (stop and reverse) indicator displays a positive trend. The Relative Strength Index (RSI) stands at 42.19, which is below the overbought level. Fibonacci retracement levels show probable resistance at $160, $172, and $176, which correspond to past highs and psychological obstacles.
Solana Price Forecast SOLUSD | TradingView
Notwithstanding, the prevailing market atmosphere is optimistic because of wider bullish patterns in the cryptocurrency space and recent strong macroeconomic data.
