Solana price jumps 45% as network activity soars: can SOL breach $160?

• Solana’s network activity hit a record 15.39 million addresses.
• SEC fast-tracks SOL ETF filings after SSK ETF launch.
• SOL nears key $160 resistance amid strong technical setup.

Solana (SOL) has seen an impressive 45.6% surge over the past three months, driven by record-breaking network activity and growing optimism around a potential exchange-traded fund (ETF) approval in the United States.

Notably, the price hike has brought SOL closer to the key resistance zone around $160, raising hopes of a breakout as momentum builds from both technical and fundamental fronts.

Daily activity on the Solana Network hits record highs

Solana’s network has witnessed a sharp increase in usage over the past few weeks, with Daily Active Addresses (DAA) soaring to a historic peak of 15.39 million.

This surge in on-chain engagement reflects rising demand for the platform’s decentralised applications and staking services, especially at a time when other blockchain networks have shown stagnation.

In the first week of July, activity briefly dropped below 5 million, only to rebound to 14.63 million by July 7, signalling strong underlying user interest and a resilient ecosystem.

Such consistent growth in user activity is often a precursor to sustained price appreciation, particularly when it coincides with positive market sentiment.

Solana ETF speculation adds to bullish momentum

Speculation around the approval of a Solana ETF has intensified after the US Securities and Exchange Commission (SEC) asked fund issuers to update and resubmit their applications by the end of July.

While the SEC has until October 10 to reach a final decision, sources close to the matter have suggested that the timeline could accelerate following the surprise launch of the SSK ETF — the first Solana staking fund to go live in the US.

The SSK ETF, launched by REX Shares and Osprey, drew $12 million in inflows on its first day and recorded $33 million in trading volume, adding urgency to the SEC’s response timeline.

Analysts believe that the existence of a live Solana-based ETF has pressured the SEC to avoid giving one fund a competitive edge, as it did in the case of Bitcoin and Ethereum ETF approvals.

This regulatory backdrop has contributed to renewed bullishness in the Solana market, even though approval is not yet guaranteed.

Investor behaviour signals quiet accumulation

Exchange data also supports the bullish setup, with net outflows from centralised platforms increasing steadily in recent weeks.

This trend usually indicates that investors are moving their holdings into cold storage or decentralised wallets, a common signal of accumulation by long-term holders.

Moreover, despite low or negative funding rates, which show a lack of aggressive long positions, the market has remained firm — a setup that could lead to a short squeeze if SOL breaks higher.

With funding rates staying flat and volume holding above $4.5 billion daily, momentum could shift quickly if key resistance levels are cleared.

Technical analysis points to a breakout attempt

On the charts, Solana (SOL) is rounding off a classic cup-and-handle pattern, which is typically a bullish continuation signal when followed by a breakout above the upper handle.

Currently, SOL is hovering just under the critical resistance zone between $159 and $163.82, levels that align with key moving averages and Fibonacci retracements.

At the time of writing, Solana was trading at $150.76, slightly below the $159 barrier that has capped its rallies for several weeks.

The price stability above $150, despite volatile market conditions, shows strong buying pressure and investor confidence, even as leveraged traders remain on the sidelines.

While the Moving Average Convergence/Divergence (MACD) shows momentum tapering off, it remains near the zero line, indicating a potential trend reversal if upward pressure continues.

The Relative Strength Index (RSI) sits close to 50, revealing investor indecision but also suggesting room for a significant move in either direction.

A clean breakout above $159 would likely confirm the cup-and-handle formation and open the door to higher targets, with $194.25 and $215 as the next major price zones to watch.

The post Solana price jumps 45% as network activity soars: can SOL breach $160? appeared first on CoinJournal.

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