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Key Insights:
- Solana price has recovered and is about to form a golden cross pattern.
- Solana transactions and active users are in a strong trajectory.
- Further, Solana meme coins are soaring, with the market cap hitting $13b.
Solana price has staged a strong recovery this month, helped by the ongoing crypto bull run. SOL token was trading at $167 on Monday, July 14. Also, its technicals point to a strong surge, potentially to $200 in the coming weeks.
Solana Price Technical Analysis Signals a Surge is Coming
The daily timeframe shows that the Solana price has increased after bottoming at $94 in April. At that time, Donald Trump announced his reciprocal tariffs. It has recovered and moved above the key resistance level at $150.
SOL has also jumped above the 50-day and 200-day Exponential Moving Averages (EMA). Also, it is about to form a golden cross pattern. A golden cross is one of technical analysis’s most common bullish patterns.
Solana price has also formed an inverse head and shoulders pattern, another bullish sign. This pattern comprises a head, in this case, at $125, shoulders at $150, and the neckline at $160.
Additionally, it has moved above the 23.6% Fibonacci Retracement level and formed an ascending triangle. The token is expected to keep rising steadily. The first target is $187.5, which was its peak in May.
A break above that level will point to more gains to the 50% Fibonacci Retracement level at $200. Such a move would indicate a 20% surge from the current level. Conversely, dropping below the 50-day moving average at $153 will invalidate the bullish Solana price forecast.
Staked Solana ETF Inflows are Soaring
A key catalyst for the Solana price is that demand for the coin from Wall Street investors is surging. One gauge for this is the ongoing demand for the recently launched staked Solana ETF by Rex and Osprey Fund.
The fund, whose ticker is SSK, has continued gaining traction among investors. This added over $73.6 million in assets in less than two weeks. It has had positive inflows on each trading day since its launch.
This trend coincides with ETFs tracking Bitcoin and Ethereum. This has added billions of inflows in the past few months.
The SSK ETF is unique because it only offers direct access to Ethereum. Also, its staking rewards stand at over 7.5% today. Investors are currently focusing on other Solana ETFs. However, this one stands out thanks to its attractive staking features.
Solana Transactions as Meme Coins Come Back
Meanwhile, Solana price will likely surge as active users, transactions, and meme coins jump. Nansen data shows that the weekly transactions jumped by 33% to over 597 million.
This transaction growth coincided with the ongoing surge in active addresses, which reached 24.9 million. The rise in activity builds on a 30-day momentum, with transactions soaring by 55%. The total now stands at an impressive 2.2 billion.
Meanwhile, key parts of Solana’s ecosystem are soaring. CoinGecko data shows that most Solana meme coins have surged in the past few weeks. This brought the total market capitalization to over $13.5 Billion, up from $6 billion in April.
Bonk price soared by 13% in the last seven days. In contrast, Pudgy Penguins, Fartcoin, dogwifhat, and Popcat have soared by over 20% in the previous seven days.
The surging Solana meme coins always lead to a sharp increase in volume. It rose to over $6.8 Billion in the last 24 hours. This, in turn, is translated to Solana DEX networks like Raydium and Pump.
Indeed, this growth helps to explain why Pump raised $500 Million in minutes. Solana price has been highly resilient in the past few months. This trend may continue in the coming months.
It has strong technicals, including the upcoming golden cross and the inverse head-and-shoulders pattern. It is also supported by strong fundamentals like its ecosystem growth and strong Solana meme coins.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
