Solana Price Forecast Can SOL Reach 150 After a 16 Surge

CoinWorld.com Report:
Solana’s price rebounded by 16% over the weekend, reclaiming the $140 range on July 8th (Monday). The divergent trends between SOL price and Open Interest suggest more potential for an upward movement in the coming week.
Solana price reaches $140 after a 16% weekend surge
The cryptocurrency market experienced significant downward volatility in the first week of July, with major altcoins like Solana suffering double-digit losses.
However, investor sentiment in the cryptocurrency market improved significantly following the release of the latest non-farm payroll report by the US Bureau of Labor Statistics on July 5th (Friday).
Additionally, the recent bullish momentum of VanEck’s Solana ETF submission contributed to a significant boost in SOL price over the weekend.
Solana’s price dropped to $121 on July 5th, the lowest level in 35 days since May 2024. However, buyers returned to the cryptocurrency market after the release of dovish NFP data by US authorities on Friday, hoping for a gradual development towards the anticipated interest rate cut in the US economy.
Since hitting a 35-day low of $121 on July 5th, Solana’s price has rebounded by 16% over the weekend, reclaiming the $140 level as of the writing of this article on July 8th (Monday), while companies like Bitcoin and Ethereum have only risen by 9% during this period.
This indicates that the recent positive progress surrounding VanEck’s approval of the Solana ETF may have attracted investors’ attention to SOL. If this ongoing upward demand continues, Solana’s price could approach the critical resistance level of $150 in the coming week.
Solana price prediction: SOL could reach $150 this week
Solana (SOL) has shown significant recovery in the past few days, as indicated by recent price trends and technical indicators on the daily chart. The price has bounced back from the recent low of $120, showing strong bullish momentum.
The recent closing price of $136.98, with a 4.08% increase, suggests that buyers are gaining control. The ALMA (Arnaud Legoux Moving Average) at $136.15 is also considered a dynamic support level, further strengthening the bullish sentiment.
The Commodity Channel Index (CCI) is currently at -33.64, still below the zero level, but indicating a move from the previous oversold state towards the neutral zone. This shift usually indicates a weakening selling pressure and an imminent potential shift towards an upward momentum. Traders should pay attention to CCI crossing above the zero level, as it would provide a stronger bullish confirmation.
Key resistance levels to watch are $140 and $150. The $140 level is a psychological barrier and a previous resistance point. If the price can break through and sustain above this level, it may open the path towards $150, which is another significant resistance area. On the downside, immediate support is found at the ALMA at $136.15, followed by the recent low of $120. A break below $120 could signal a bearish reversal and a retest of lower support around $110.
In conclusion, technical indicators and recent price trends suggest that Solana could reach $150 this week, provided it maintains its current bullish momentum and breaks through key resistance levels. Traders should monitor CCI and ALMA for further confirmation of the trend’s strength and pay attention to support levels to manage potential downside risks.