The Solana price rose above $155 following the ETF debut and strong trading activity from retail and institutional investors.
Technical indicators point to a possible breakout toward $238 if resistance at $186 is breached in the near term.
Meme coin growth on Solana pushed network activity and volume, lifting the token’s overall ecosystem demand.
Solana recorded a strong gain of over 5% on July 3, rising to $155. CoinMarketCap data shows that trading volume jumped by 37% within 24 hours, hitting $4 billion. The broader crypto market saw a similar uptrend, further supporting SOL’s recovery from its June lows.
Technical patterns now indicate a potential breakout continuation. SOL has rebounded from the $127 support level, which marked its lowest swing in June. It is now trading above the 50-day moving average and the 23.6% Fibonacci Retracement level at $121.
A small inverse head and shoulders formation has emerged, accompanied by a bullish flag pattern. The flagpole began at $93 and reached $186, with the breakout occurring at $145. This setup positions the next possible price target at $238 if SOL manages to surpass the resistance at $186.
ETF Momentum Draws Wall Street Attention
A recently launched Solana ETF focused on derivatives and staking attracted early attention from institutional investors. The fund recorded over $33 million in volume on its first trading day. This influx of interest could signal further capital inflow into the SOL ecosystem in the coming weeks.
Solana-based meme coins saw a sharp rebound, contributing to the network’s rising activity. According to CoinGecko, the combined market cap of these tokens increased by more than 13 percent over 24 hours, totaling $11 billion. Trading volume across these coins climbed to $4.31 billion.
Top performers included Bonk, Fartcoin, Pudgy Penguins, Dogwifhat, and Popcat, all of which gained more than 20% over the past week. Increased meme coin activity has led to a jump in network fees and usage. Solana decentralized exchanges handled more than $2 billion in volume in a single day.
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