Solana's (SOL) price continues to rise sharply in Friday's trading session, surpassing $183 after increasing nearly 15% in just one week. The bullish momentum is clearly strengthened as SOL's open interest (OI) reaches a record high of $9.71 billion — a signal indicating that investor confidence is growing. Technically, the indicators also lean towards a positive trend, opening the possibility that SOL will conquer the $200 mark in the near future.
Solana's OI reaches a historic high
Data from Coinglass shows that the open interest (OI) for SOL futures contracts on exchanges surged to $9.71 billion on Friday, a significant increase from $7.78 billion at the beginning of the week. This remarkable increase reflects new capital flowing into the market, indicating that buying pressure is on the rise — a factor that may continue to reinforce SOL's bullish trend.
At the same time, according to data from the blockchain analysis platform DefiLlama, the total value locked (TVL) on the Solana network has recorded steady growth since the end of June, reaching $9.87 billion on Friday - the highest level since early February. The strong increase in TVL indicates that the Solana ecosystem is becoming increasingly vibrant, with more and more users depositing assets and actively interacting with decentralized protocols on this platform.
Solana price forecast: Bulls target price above $200
Solana's (SOL) price broke through the daily resistance level at $160 on Sunday and increased by an additional 9% as of the end of Thursday's session. Moving into Friday's trading session, the upward momentum remains strong as SOL continues to approach the next resistance area at $184.13.
If the price breaks through and successfully closes above this mark, SOL is likely to extend its upward trend, aiming for the peak on February 14 at $205.34 — an important technical level that investors are closely monitoring.
On the daily chart, the relative strength index (RSI) is at 73, reflecting an overbought state along with strong upward momentum. Meanwhile, the golden crossover signal on the MACD indicator - which appeared since the end of June - is still being maintained. The green histogram bars continue to expand above the 0 line, indicating that buying pressure is becoming increasingly dominant.
However, if the market undergoes a short-term correction, the support area around the $160 mark - which was previously a resistance level - may act as an important technical support point, helping to support SOL's price during the correction.
