SOL Prepares for Potential Breakout to $120

Solana's SOL token has been making waves in the crypto market, up 12% over the past 30 days and currently trading around $77. The token's recent performance has caught the attention of crypto analyst Michaël van de Poppe, who believes it's 'just a matter of time' before SOL accelerates towards $120.

Van de Poppe pointed to SOL's base at $75 as a key level of support, and noted that the token is currently holding its range low. The analyst's prediction comes as Solana ETF inflows have turned positive, with investors putting in $7.2 million over the past week. The Bitwise Solana Staking ETF (BSOL) led activity, recording $5.83 million in inflows on July 21.

Another bullish signal for SOL is the increase in dormant wallets returning to Solana DEXs, which surged 400% in one week. This could indicate a resurgence of interest in the token and its associated ecosystem. However, analysts are cautioning that the market appears to be taking a breather, with trading volumes pulling back slightly from $2.2 billion to $1.7 billion.