What to know:
- Solana Price is consolidating near $78 after reclaiming key moving average support.
- TradingView signals improving momentum, while Bollinger Bands suggest resistance remains around $85.
- An analyst’s bullish signal aligns with rising on-chain activity, though $74 remains the key invalidation level.
Solana is trying to pick up pace after rebounding from its June lows, as buyers are testing a key resistance zone once more.
The latest technical analysis indicates that buyers are defending support while on-chain activity and derivatives data continue to strengthen, keeping traders focused on whether SOL will continue its recovery. At press time, Solana Price is trading at $78.13, up 0.12% over the past 24 hours.
Also Read: Solana Tests $78 Support as Analysts Watch $98 Resistance
Solana Price Holds Above Important Technical Support
The daily TradingView chart shows that SOL is currently trading near its 20-day simple moving average (20-day SMA) at $79.08, placing immediate resistance overhead.
The price is still above the Bollinger Bands’ middle support located around $75.65, indicating that buyers are still managing to defend the recent rebound.
The upper Bollinger Band is situated at around $85.34, making it the next major resistance level if buying pressure continues to build. On the downside, the lower Bollinger Band at $65.96 marks a potential support area where volatility could increase if sellers regain control.
The On-Balance Volume (OBV) indicator currently stands at 508.9 million. Although buying pressure has improved lately, OBV remains below its previous highs, suggesting stronger volume confirmation is still needed before a sustained breakout can develop.
Also Read: Solana Price Eyes $127 Breakout as $1.15B ETF Inflows Boost Bullish Outlook
Solana Price Supported by Rising On-Chain Activity
According to DeFiLlama, Solana is currently holding a total value locked (TVL) of nearly $5 billion. This is also backed by more than 5 million active addresses, reflecting steady network participation despite recent price fluctuations.
CoinGlass also shows that Solana’s open interest remains above $5 billion, suggesting derivatives traders are maintaining their positions rather than closing them. This points to continued market confidence, although open interest alone does not guarantee further price gains.
Solana Price Gets Support From Ecosystem Activity
Solana also continued promoting its long-term ecosystem vision through an official X post, stating, “a thousand epochs ago, it was an experiment” and “a thousand epochs from now, they’ll say it was obvious.” The post accompanied a video highlighting the network’s evolution.
While the update does not introduce a new product or protocol upgrade, it reflects the project’s continued focus on community engagement and long-term growth.
Combined with nearly $5 billion in TVL and more than 5 million active addresses, the message reinforces positive ecosystem sentiment even as traders remain focused on the $79-$85 resistance zone.
Also Read: Solana App Revenue Soars 5.1x Above Chain Earnings as Bullish SOL Structure Returns
Solana Price Faces Key $85 Resistance After Bullish Signal
According to cryptocurrency analyst Ali Charts, “a new buy signal has emerged for Solana.” The analyst also warned that “$79-$85 remains a massive resistance zone.”
He added that “if Solana loses $74, the Supertrend could flip bearish again,” meaning a break below that level would invalidate the current bullish outlook.
This assessment is consistent with the current TradingView structure. SOL is currently trading just below its short-term moving average and remains within the same $79-$85 resistance zone identified by the analyst.
A daily close above $79 would strengthen the bullish case, while losing the $74-$75 support zone would shift momentum back toward sellers.
What Traders Should Watch for Solana Price
The on-chain data combined with stable derivatives positioning supports the recovery story, but stronger buying volume would provide additional confirmation of the current trend.
The cryptocurrency market remains highly volatile, and traders should monitor price action, market sentiment, and upcoming catalysts before making investment decisions.
Also Read: Can Solana Reach $400? $14.75 Billion in Stablecoins Says Watch Closely
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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