Solana eyes its next big move: Can bulls reclaim $80?
Solana continues to consolidate below the key $80 resistance level while maintaining strong on-chain activity. The coming days could prove decisive in determining the asset's next directional move.
As noted previously, the Solana ecosystem continues to demonstrate robust network activity. Daily DEX trading volume remains high, while the number of active addresses and transactions stays at elevated levels. These metrics confirm that the network's underlying fundamentals remain strong despite Solana's more subdued price performance compared with Ethereum.
Meanwhile, an unidentified trader has opened a $5.5 million leveraged long position in SOL with 20x leverage, entering at an average price of $78.80. Positions of this size can amplify volatility, potentially triggering either a sharp rally or a steep decline if liquidation levels are reached.
Solana's consolidation nears its end
As highlighted in our previous update, the $75.50–80.00 range remained the base-case scenario as long as buyers were unable to push the price above $80.
A breakout from this range is likely to determine SOL's next short-term direction. Given the current market sentiment, a retest of the $80 resistance appears to be the more likely scenario in the coming days.
If buyers manage to establish the price above $80, the next upside target will be the $84 resistance level.
However, if bullish momentum weakens, SOL could retreat toward the $74 support area.
Solana's fundamentals remain strong despite consolidation
Despite the lack of new company-specific catalysts, the Solana ecosystem continues to post strong on-chain metrics, providing a constructive backdrop for further recovery. In the short term, however, price action around the $80 resistance level will remain the key factor determining Solana's next move.
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