- SOL rebounded from 78.6% Fibonacci, signaling potential bullish structure.
- CME futures volume hit $8.1B, showing institutional investor activity.
- $174 level aligns with 0.618 retracement, acting as major resistance.
Solana (SOL) is testing a key technical resistance after rebounding from recent lows. SOL rebounded from the $152–$158 area, closely aligned with the 78.6% Fibonacci retracement level.
Analysts at Morecryptoonl highlighted this range as essential to maintain bullish momentum. A sustained hold above $158 would signal that a potential local bottom has formed.Â
They warned that dropping below this range could negate the recent upside attempt. On the 1-hour chart, Fibonacci levels suggest that breaking above $170, especially with volume support, could trigger a new bullish impulse.
The daily chart focuses heavily on the $174 level, which corresponds with the 0.618 Fibonacci retracement from the previous decline. This is seen as a key resistance zone.
A confirmed breakout above $174 may indicate a return to the upward trend channel. The RSI currently sits at 47, signaling neutral momentum and leaving room for bullish expansion if price action strengthens.
CME Futures Volume Points to Institutional Accumulation
CME futures data showed a 252% rise in Solana-related trading volume, which reached $8.1 billion, according to available reports.
Open interest also climbed steadily, hitting nearly $600 million by month-end. This trend began building in May and June, but July marked a sharp rise in institutional involvement.
Analysts interpret the surge as increasing confidence from larger investors. The consistent rise in both volume and open interest indicates deeper engagement from traditional finance.Â
As institutions increase exposure, SOL may be positioning itself as a strong candidate in the upcoming crypto market cycle.
Price Movement Shows Signs of Recovery
SOL has recovered from the $155 zone and is currently trading around $167.64, reflecting a 3.51% daily gain. This upward movement brings the price closer to the $170 resistance level, which is mentioned as critical in short-term analysis.
Traders now focus on whether SOL can reclaim $174, which would confirm a continuation of the upward channel pattern noted on the daily chart. Market sentiment appears cautiously optimistic as the coin approaches this key technical area with rising volume and institutional backing.
All eyes remain on the interplay between Fibonacci resistance and price action, as Solana attempts to re-establish a bullish wave structure in the near term.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.
