Solana Price Hits $117 After Analyst Prediction
Solana's price has reached a significant milestone after analyst Bitcoin Meraklisi predicted it would break through to $117. The token indeed climbed to this level, achieving a 58% gain in value since the breakout, with an additional 18% coming from the retest.
According to Bitcoin Meraklsi, if Solana can hold onto $117 as support, the next levels to watch are $141 and then $176. On the other hand, a rejection could send the token back into a consolidation range, prompting traders to reassess their strategies.
Another analyst, LAR7Crypto, had forecasted a price target of $120, which he says will be the next stop after a short-term pullback. His predictions are based on a separate SOL setup, and it remains to be seen whether this path will prevail or if the market will instead follow Bitcoin Meraklsi's projection.
Data from Coinglass reveals that derivatives volume rose 73.61% to $12.95 billion, while open interest increased 8.17% to $7.2 billion. This indicates a growing number of traders holding larger positions on Solana, which can result in more significant price swings as the token approaches resistance levels.
Institutional demand for Solana is also on the rise, with US spot Solana ETFs attracting $47.62 million in net inflows on September 18, all from Bitwise's BSOL fund. Additionally, DeFi Dev Corp. added to its treasury by purchasing 101,381 SOL tokens, bringing its total holdings to approximately 2.49 million SOL.