Solana (SOL) is gaining bullish momentum after escaping a six-week downtrend, with derivatives metrics and technical indicators pointing toward a potential breakout. With prices trading near $150 and strong support at $145–$148, traders are closely watching whether SOL can reclaim its March highs near $300.

Daily Close Above $140 Clears the Path to $280–$300

Analyst Crypto Patel emphasized that a daily close above $140 was essential to unlock the path toward $280–$300. That condition has now been met, and minimal structural resistance remains on the way to previous highs. A successful push past $160 could be the next catalyst for a major upward leg.

Derivatives Market Turns Bullish as Shorts Face Liquidation

According to Coinglass, Solana’s 24-hour derivatives volume jumped nearly 17% to $14.7 billion, while open interest rose to $6.94 billion. Notably, short positions absorbed $8.3 million in liquidations, signaling a short squeeze, while longs lost only $2.44 million. With funding rates staying positive, the market remains tilted toward long positioning.

MACD Crossover and Stair-Step Structure Signal Uptrend

Technically, Solana is forming higher lows, building a bullish staircase toward $160. The MACD line has crossed above the signal line for the first time since mid-June, reinforcing the potential for a stronger breakout. Traders are targeting $160 as a trigger point, with near-term objectives at $168 and $180. Failure to break this level could invite short-term profit-taking and a retest of $145–$148 support.

Strong Fundamentals and Cooling Macro Risk Add Tailwind

Developer activity remains high on the Solana network, and new stablecoin inflows suggest fresh capital is entering the ecosystem. Additionally, easing macroeconomic pressure—particularly after June’s U.S. inflation data—adds to the bullish backdrop. Long-term investors remain optimistic that this breakout could lead to a sustained rally.

For now, the $160 level is key. If bulls can push through with volume, SOL could reclaim momentum and begin its march toward the $280–$300 zone last seen in March.

Meanwhile, Solana ataking ETF launch sees $33M first-day surge