Solana Eyes $200 as Bullish Wave Gains Strength ๐๐
Solana ($SOL) is building strong bullish momentum, aiming for the $200 mark amid rising investor confidence and growing ecosystem activity. ๐๐ฅ
๐ Price Performance
As of June 3, Solana surged by 8.2%, hitting a 24h high of $177.45. Its market cap has climbed back above $78 billion, securing its place as a top 5 crypto by market cap. SOL is now up over 30% in the past 14 days. ๐ช
๐ Derivatives & Market Sentiment
Open interest in Solana perpetual futures on Binance has jumped to $2.18 billion, showing aggressive long positioning. The long/short ratio is 1.76, suggesting bullish dominance. Positive funding rates for 3 consecutive weeks are also reinforcing the momentum. ๐น
๐ง Institutional & Ecosystem Growth
Grayscaleโs Solana Trust saw $64.2 million in inflows last week. On-chain activity is also heating up โ daily active addresses have crossed 1.2 million, and Solanaโs DEX volume is rivaling Ethereumโs on certain days.
Meanwhile, projects like Jupiter, Drift, and Tensor continue to attract user liquidity. ๐ฅ๐งโ๐ป
๐ Technical Analysis
On the 4H SOL/USDT chart, SOL is trading above both the 50-SMA and the ascending trendline from May lows. Bullish indicators:
RSI: 67.3 โ
Aroon Up: 85.71% โ
MACD: Clear bullish crossover ๐
๐ Key Levels to Watch
Immediate resistance: $182.50 (Fib 50%)
Breakout above that could open the path to $198โ$200 zone (Fib 61.8%) ๐ฏ
Key support to hold: $165 โ break below could invalidate the setup โ ๏ธ
๐ฎ Conclusion
With rising institutional flows, surging DEX activity, and strong technicals, Solana looks primed for a breakout to $200. A sustained close above $182.50 could act as the catalyst.
