- Solana futures volume surged 252%, hitting $8.1 billion monthly high.
- A rounded top pattern suggests potential drop toward $123 support.
- $113 resistance retest follows bounce from $80 weekly support zone.
Solana is showing renewed bullish activity as it tests a major resistance level. Crypto analyst Crypto Tony reported that Solana ($SOL) is retesting a crucial resistance zone around $113. This level has acted as a ceiling multiple times since late 2023.
After consolidating and breaking out of an ascending wedge, SOL has climbed back into its upper range. The latest weekly candle confirms a strong rebound from $80, pushing price back to this resistance.
Tony stated that he is long over $113, suggesting confidence in a possible breakout. If SOL closes above this level, the move could trigger a broader rally in the coming weeks.
Institutional Activity Surges with ETF Interest
CoinGlass data show CME Solana futures volume surged 252% in July 2025, reaching $8.1 billion. Open interest climbed 203%, hitting $400.9 million during the same period.
Analysts attribute the rise to increased institutional interest and growing anticipation around potential Solana spot ETFs. Applications from firms such as Franklin Templeton, VanEck, and Bitwise have fueled optimism.Â
The rise in both futures volume and open interest indicates deepening institutional involvement ahead of potential regulatory approvals.
Bearish Pattern Emerges on Shorter Timeframes
Despite bullish signals on higher timeframes, the 4-hour chart displays a rounded top pattern, suggesting a potential bearish reversal. Solana has dropped 22.77% from the $210 range to around $164.
Technical projections indicate a possible additional 22.77% drop, with a downside target of $123. Volume has risen during the recent decline, confirming growing sell-side pressure.
The Awesome Oscillator remains negative, supporting bearish momentum. A close below the $159 support level would likely accelerate further losses.Â
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.
