- Solana surged 36%, reclaiming the $114 level with rising user activity.
- Open Interest jumped $1.5B, signaling increased speculative trading pressure.
- Resistance at $143 remains key; failure to break may trigger another drop.
Solana’s price didn’t just bounce—it launched like a coiled spring. From Monday’s low at $95 to $130 in just a week, this jump turned heads across the crypto space. A 36% surge doesn’t happen quietly. Traders watched in disbelief as the charts lit up green. The big question now: is this the beginning of a bigger move, or just another fake-out before another slump?
Bulls Reclaim a Key Level, But the Battle Isn’t Over
The $114 zone held emotional weight. That level marked a clear line between weakness and strength. For weeks, it acted like a ceiling. This week, the price broke above it, giving traders fresh hope that momentum might stick around this time. The rise in price didn’t come alone. Activity across wallets spiked over the past few days. More users began moving funds again, and that usually signals rising demand.
When the 7-day moving average for active addresses climbed past March highs, the mood shifted. That earlier period saw Solana near $144, so this surge in usage carries meaning. Still, the chart tells another story—one that’s harder to ignore. Lower highs and lower lows have shaped the price since January. That structure remains in place, and the most recent peak at $143 stands as the next major test. A real breakout demands more than a bounce—it needs conviction, volume, and follow-through.
Speculation Heats Up While Traders Eye the Exit
Open Interest is where things get really interesting. Since April 8th, the market saw nearly $1.5 billion pour into leveraged positions. That level of interest points to strong speculation. But speculative trading often brings fast gains—and even faster exits. Another key metric shows fewer holders in profit compared to earlier in the year. That drop resembles levels last seen in late 2023, when the price sat around $40.
Back then, the bear market was nearing an end. This time around, the context feels different. Throughout 2024, the $120 to $130 range acted as a magnet—drawing price back again and again. Many long-term holders likely watched this recent bounce with relief. Some may choose to cash out at break-even. That potential wave of selling could stall the rally just when bulls need to push harder.
Unless the price breaks above $143 and holds, downside risk still lingers. Levels around $99 and $85 remain open targets if the rally fades. Momentum has returned, but pressure continues to build. Solana now stands at a crossroads. Break above $143, and momentum could snowball. Fail to do so, and the pullback might hit hard. This is where the next chapter begins—either with a bang or a pause.
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