Solana price remained in a tight range even after its futures open interest surged by 15%.
Solana (SOL) token was trading at $160 on Tuesday, July 15, a few points below this week’s high of $167. This consolidation is a sign that Solana’s path to $200 has faced substantial resistance.
According to CoinGlass, Solana’s futures open interest has surged to $8.8 billion, its highest level since January. This increase indicates that demand among investors remains strong.
Additional metrics show continued strength in Solana’s network fundamentals. Data from Nansen reveals that transaction volume increased by 27% over the past seven days, exceeding 596 million total transactions, more than the other top ten chains combined.
Solana’s active addresses rose by nearly 5% to 25.5 million, while total network fees climbed 24% to $7.3 million. Rising network fees, address activity, and usage generally signal growing on-chain engagement.
Further data shows that Solana’s stablecoin network is thriving. Its stablecoin addresses have soared by 40% in the last 30 days to over 3.3 million, while its monthly transactions and adjusted volume rose to $194.3 million and $108 billion, respectively.
Solana is also seeing more demand as the REX-Osprey SOL + Staking ETF inflows have soared to over $77 million, a significant increase for a fund that was launched less than two weeks ago.
Further, investors are still increasing their staked Solana positions. Its inflows in the last 30 days stood at 6 million tokens worth $913 million.
Solana price prediction
On the daily chart, SOL has traded sideways in recent days as bullish momentum slowed. Price action has formed a large symmetrical triangle, with the upper and lower trendlines converging.
SOL is consolidating near its 50-day and 200-day Exponential Moving Averages. Meanwhile, the Relative Strength Index and Stochastic Oscillator are both trending lower, reflecting reduced short-term momentum.
Still, the symmetrical triangle pattern suggests that consolidation may lead to a breakout. A move above the triangle’s upper boundary would likely confirm a bullish continuation, with $200 as the next technical target.
