Crypto Journalist
Anas Hassan
Crypto Journalist
Anas Hassan
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Solana(SOL) is back at it, showing renewed strength after successfully breaking the $160 resistance level for the second time within the past three months.
Currently trading at $163.43, SOL has gained 12.87% over the last 30 days, commanding an $87.65 billion market capitalization that has solidified its position as the sixth-largest cryptocurrency in the market.
Analysts now believe the recent price action mirrors the $125 breakout witnessed in April, which subsequently led to a $187 peak in May. The current projection targets $300 before August.
Solana Becomes TradFi Internet Layer With PumpFun ICO $500M Liquidity Dominance
Beyond bullish chart patterns, Solana continues to serve as a liquidity hub, with protocols built on its infrastructure showcasing compelling use cases and competitive advantages over other layer-1 blockchains.
For instance, the popular memecoin launchpad PumpFun conducted its ICO on July 12, with more than 70% of participants securing spots in the highly contested FCFS distribution through direct Solana chain interaction.
This event raised over $500 million via on-chain wallets, while only $100 million was recorded from centralized exchanges due to investors struggling to process their transactions efficiently.
This development has further reinforced Solana’s edge as the internet layer for traditional finance and capital markets.
Similarly, the popular Solana-based NFT mascot Pudgy Penguin has attracted attention from top industry players, with notable figures including VanEck, Coinbase, Moonpay, and even Tron founder Justin Sun featuring the PENGU profile picture.
With the first-ever Solana ETF now live in the United States and additional ones in the pipeline, analysts like Ali Charts believe SOL’s breakout will target the $185 immediate resistance level.
Popular crypto trader “Crypto Dubzy” also shared his analysis, projecting $194 as the next target if the $195 resistance is breached, with expectations for the $257-$305 levels to follow.
With Solana’s open interest in the derivatives market surging past $8.15 billion and funding rates remaining positive, these targets appear well within reach.
SOL Weekly EMA89 Reclaimed — Next Fibonacci Stop at $252
On the technical front, the weekly chart for SOL/USDT displays a potential bullish reversal now that price has reclaimed and is trading above the 89-week EMA, which serves as a significant long-term trend indicator.
Following a prolonged correction from the $295 high, SOL found support around the 0.236 Fibonacci retracement level near $142 and has since rebounded with increasing volume.
The recent price breakout above both the EMA89 and a multi-week consolidation pattern suggests growing momentum.
Should bullish continuation persist, the next potential resistance zones align with Fibonacci levels—first at $171 (0.382), followed by $195, $219, and a possible retest of $252 if momentum accelerates.
Given the recovery of key moving averages and the structural shift, the outlook favors an upward trajectory toward the $200–$250 range, provided SOL maintains levels above the $145–$155 support band.
Snorter Bot Provides Early Access To Solana Memecoin Sniping Tool
For traders seeking to capitalize on Solana’s performance, one common strategy involves purchasing Solana memecoins when SOL demonstrates strong price action.
However, most of these tokens are not easily accessible except through direct interaction with the Solana chain.
Professional traders and DeFi participants often resort to using Telegram trading bots to snipe these memecoins, particularly on platforms like pump.fun and the newly launched BonkFun.
One trading bot gaining traction among users is the Snorter bot.
What makes it particularly appealing is its Solana-based infrastructure and its native token $SNORT, offered as a memecoin for investors to purchase.
Within just a few weeks since its presale launch, Snorter Bot (SNORT) has successfully raised over $1.6 million, demonstrating significant investor interest.
SNORT is currently priced at $0.0981 per token during the ongoing presale round, offering early investors the opportunity to participate before the price increases.
Interested participants can join the presale via the official Snorter presale website, using popular cryptocurrencies or bank cards to complete their purchase.
