Solana’s Bullish Momentum Gains Strength, But Challenges Persist
Solana (SOL) is showing signs of a bullish reversal. A clean break above $160 could confirm this trend. However, resistance is still strong.
On july 10,SOL surged over 4%,climbing from $153 to $159.60. This move, coupled with a 19% increase in trading volume, suggests a potential breakout.But can SOL sustain this momentum?
Institutional interest is growing. DeFi Dev Corp and BIT Mining have shown significant support. These firms are not just buying but actively engaging with the Solana ecosystem. This level of commitment is attracting attention.
The ETF market is also heating up. Analysts predict a 95% chance of ETF approval by October.This prospect has already shifted market sentiment. The token is now part of the Truth Social Crypto Blue Chip ETF, holding an 8% allocation. This inclusion,along with rising staking demand and network activity,is challenging Ethereum’s dominance in the proof-of-stake economy.
Despite these positive signs, Solana remains 46% below its January peak. Regulatory uncertainty and internal challenges have held the token back. But the tide seems to be turning.If SOL breaks $160, the next targets are $180 and $200. If not, expect consolidation between $140 and $160.
Solana is no longer just following Bitcoin’s lead. The token is carving its own path. This week could determine whether it leads to a summer rally or another false start.
