Solana is showing renewed bullish momentum after reclaiming key support, with analysts expecting a potential major continuation move if the recovery strengthens. Rising trading activity, improving market structure, and growing tokenized-equity adoption are supporting renewed interest in the network, strengthening its broader bullish outlook.
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Solana Price Holds Key Support After Breakout
Solana (SOL) is showing renewed bullish potential after reclaiming an important support area, according to crypto analyst JAVON Marks.
The analyst suggested that SOL may be in the early stages of a larger move toward $233.8. If that level is eventually cleared, the technical setup could point toward an extended move targeting $456.
Source: JAVON MARKS’ X Post
Marks’ outlook comes as Solana attempts to build on a major recovery from its summer lows. However, SOL bottomed near $58 before spending much of July consolidating below the $82 area.
The subsequent breakout changed the structure, pushing the asset above $107 and establishing stronger bullish momentum.
Also Read: Solana Price Targets $147 Breakout as Network Activity Hits New Highs
Technical Structure Shows Improving Momentum
According to the TradingView chart, SOL has moved from consolidation to a better recovery phase. Following the strong surge, the coin moved into the consolidation phase, with its price at $101.64 and gaining 2.38% on an intraday basis. It will be essential for it to stay in this region to assess the overall strength of the recovery.
Source: TradingView
Technical indicators also confirm the fact that buyers are continuing to defend significant levels. SOL is trading above its 20-day EMA, which is at about $99.75 and now serves as dynamic support.
On the other hand, Bollinger Bands have been widened due to volatility, with the upper band being at $107.54 and the lower band at $97.88.
$233.8 Target Becomes Key Upside Level
Target of $233.8 by Marks is an upward movement from current price levels. The potential movement has been stated as being more than 120%.
It must be noted that the target price of $233.8 is not a confirmed price objective but just a projected one. SOL needs to sustain higher prices at the higher levels of resistance.
A breakout above the $233.8 mark may serve to further bolster the bullish scenario set out by Marks, with the $456 target coming under consideration.
However, for this to happen, there will need to be a continuation of the upward buying momentum along with better liquidity and conditions in the general crypto space.
SOL Trading Activity Picks Up With Rising Volume
Derivatives figures also confirm the growing involvement in the market surrounding Solana. From the information provided by CoinGlass, the 24-hour trading volume of SOL rose 71.35% to $5.86 billion, showing a substantial increase in the trading activity. On the other hand, the open interest slightly fell 0.84% to $5.92 billion.
Source: Coinglass
The fact that there is an increase in volume accompanied by a small decline in open interest might mean that this last move is not entirely based on aggressive leverage.
However, increased involvement of participants in trading might be behind the overall price recovery. But traders will watch if open interest starts growing along with the price.
Tokenized Equities Strengthen Solana Ecosystem
Apart from price movements, there has been yet another key development on the Solana network with respect to its growing tokenized-equity ecosystem.
The data related to the Solana ecosystem revealed that tokenized-equity supply has increased to an all-time high of $684 million in the last week, which was 47% higher compared to three weeks ago.
Source: Solana’s X Post
The development also takes place across various platforms as opposed to being restricted to a single platform.
The following projects are among those that have developed stock-based products on the Solana network: xStocks, Ondo, Backpack Securities, Sunrise, Superstate, and Securitize. Hundreds of tokenized stocks and ETFs are now available through the use of this growing network.
What Comes Next for Solana?
A critical technical stage is being witnessed by Solana, as investors determine whether the current rally is capable of turning into a more sustained trend.
It will be vital to sustain support at the level of $99.75 in order to maintain the positive technical setup, and breaking above the Bollinger Band resistance of $107.54 would indicate strength.
For the price projection of $233.8 by Marks to be credible, the SOL will have to post higher highs while breaking successive resistance levels with good participation from market players.
Any further break above this level will see a move towards the price projection of $456. Until then, the SOL is at a crucial crossroads with momentum and ecosystem growth fighting against market volatility.
Also Read: Solana Price Eyes $140 as Bull Flag Signals Potential Breakout
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
