⚠️ Solana Price Forecast: After 16% Surge, Can SOL Reach $150?
Solana price rebounded 16% over the weekend, to reclaim the $140 territory on Monday, July 8, a divergent trend between SOL price and Open Interest suggest more upside potential in the week ahead.
🔸 Solana Price Hits $140 After 16% Weekend Gains
The crypto market experienced intense downward volatility in the first week of July, with mega cap altcoin like Solana booking double-digit losses.
However, following the recent non-farm jobs reports released by the US Bureau of Labor Statistics on Friday, July 5, investors’ sentiment surrounding the crypto market has improved considerably.
Combined with bullish headwinds from VanEck’s recent Solana ETF filing, this shift in market momentum lifted SOL price significantly over the weekend.
Solana’s price had tumbled to $121 on July 5, its lowest in 35 days dating back to May 2024. But since the US authority released the dovish NFP data on Friday, buyers returned to the crypto markets, in hopes that the US economy is inching towards the much anticipated interest rate cuts.
Since reaching a 35-day low of $121 on July 5, Solana price has rebounded 16% over the weekend, to reclaim the $140 level at the time of writing on Monday July 8, while the likes of BTC and ETH have only managed 9% uptick during that period.
This suggests that positive developments surrounding Van Eck’s Solana ETF approval may have attracted investors attention towards SOL in recent days. If this rising demand persists, Solana price could be on the verge of reclaiming the critical $150 resistance level in the week ahead.
🔸 Solana Price Forecast: SOL Could Reach $150 this Week
Solana (SOL) has demonstrated a notable recovery over the past few days, as indicated by the recent price action and technical indicators on the daily chart. The price has rebounded from the recent low of $120, showing a strong bullish momentum.
The recent close at $136.98, combined with a 4.08% increase, suggests that buyers are gaining control.
