Solana Nears Key $146 Resistance as Addresses and Futures Surge
Solana (SOL) has rallied ~24.5% since last month, rising from $116.8 to about $145 and lifting market cap to roughly $81.8B. Active addresses grew rapidly from ~3.13M to 5.18M in two weeks, while futures open interest climbed from $6.8B to $8.86B, indicating rising on-chain participation and leveraged positioning. SOL traded around $144.75 at the time of reporting — about 1.3% below a long-term descending resistance trendline near $146.5 that has pressured prices since September 2025. Technicals show a flattening 20- and 50-day EMAs with a recent exponential bullish crossover, suggesting short-term momentum. A rejection at the trendline could push SOL back toward $116.8 (a ~16.5% drop), while a successful breakout and sustained buying might propel the token toward $172 (about +17% from breakout). Key takeaways for traders: (1) monitor price reaction at $146.5 — it is the pivot for trend direction; (2) watch open interest and address growth for confirmation of trend continuation; (3) manage risk around potential volatility — a failed breakout could trigger a sizeable pullback. This article is informational and not financial advice.
Bullish
The news signals a bullish bias overall. Key supporting evidence: a 24.5% month-to-month price gain, rapid active-address growth (3.13M → 5.18M), and a notable rise in futures open interest ($6.8B → $8.86B). These on-chain and derivatives metrics commonly accompany momentum-led uptrends because they reflect rising participation and leveraged conviction. The technical setup is mixed but leaning positive — 20/50 EMA flattening with an exponential bullish crossover suggests renewed upside momentum, while the proximity to a long-term descending trendline (~$146.5) creates a clear pivot. Historically, similar setups (address growth + rising OI) have preceded breakouts for high-throughput chains, but they also carry risk: if sellers defend the trendline, leveraged longs can be squeezed, producing sharp pullbacks (the article cites a potential drop to $116.8). For traders: short-term impact is likely increased volatility with a bullish tilt if $146.5 is taken out on volume and rising OI; failure to break would be bearish short-term and could resume a larger corrective move. Long-term implications depend on sustained user growth and macro liquidity — if on-chain adoption and derivative conviction persist, the bull case strengthens; if growth fades, the move may be a retracement. Positioning advice: use tight risk controls around the $146.5 pivot, watch OI and volume for confirmation, and avoid overleveraging ahead of the trendline test.