Something big might be brewing around Solana (SOL) again. Although the price dipped by 2.61% on July 1st, activity on the blockchain tells a different story – this might not be a sign of weakness, but rather the calm before a bullish storm. In fact, we could be on the verge of another rally that many retail investors haven’t seen coming yet.
📈 Record Number of Wallets – A New Wave of Confidence?
According to Glassnode, the number of addresses holding at least 0.1 SOL reached an all-time high of 11.44 million on June 28. This rise coincided with SOL’s price climbing above $150 – and that’s no coincidence.
🔹 Why does it matter?
More small holders = growing trust in the project. Retail investors are accumulating, and institutional players are joining through derivatives markets.
💸 Massive Exchange Outflows
Data from CoinGlass also shows that by July 1st, $525.32 million worth of SOL had flowed out of centralized exchanges. If this trend continues, it could lead to a supply crunch, where demand exceeds supply – a recipe for sharp price increases.
📊 Futures & Options Traders Are Going Bullish
The action in the derivatives market is heating up. Trading volume for SOL futures surged by nearly 89% to $20.24 billion, while open interest grew over 4%.
🔹 Options markets show a similar trend – volume jumped 37%, open interest climbed nearly 18%.
🔹 The Takers Buy/Sell Ratio remained above 1, indicating that buying pressure is dominant.
On Binance and OKX, this ratio even surpassed 2, showing a very bullish sentiment among professional traders.
📉 Technical Outlook: Breakout Around the Corner?
In the short term, SOL is trading within a bullish triangle pattern. If it holds key support levels at $144.87 or $139.88, it could soon retest the $184.88 mark, which would represent a nearly 27% gain.
In the mid-term outlook, SOL remains in a strong bullish structure but still needs to break through a descending resistance line.
If that happens, three major price targets come into view:
🔹 $181.46
🔹 $203.98
🔹 $244.00
🧠 Summary: The Game Is On – Are You Ready?
Despite the short-term pullback, Solana is flashing multiple bullish signals: record-breaking wallet growth, shrinking exchange supply, increasing derivatives interest, and promising technical setups.
Everything suggests SOL may be preparing for another strong run – and $184 might just be the beginning.
#solana , #sol , #cryptotrading , #altcoins , #defi
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