Solana’s price trajectory in June has attracted significant interest from the cryptocurrency community. The scalability-focused altcoin returned significant profit in a period when the broader crypto market faced severe bearish pressure.
According to TradingView’s data, $SOL gained approximately 25% since June 6 and has continued higher in the early days of July. A 2-day non-stop rally means $SOL has gained over 12% in the first week of July, with the price signaling more bullish momentum.
The highlighted price action suggests an ongoing technical turnaround for $SOL. Additionally, the cryptocurrency’s network fundamentals are showing remarkable resilience despite recent market-wide corrections.
CoinMarketCap’s data reveals that Solana has maintained its slot as a top-7 global crypto asset, with a $47.5 billion market capitalization. The cryptocurrency’s $3.6 billion 24-hour trading volume marks a 22% spike in short-term trading liquidity, backing the above-mentioned bullish price action.
$SOL’s Key Price Drivers and Catalysts
It is worth noting that Solana remains far from its early 2025 all-time high of $294 despite recent achievements. However, a surge in on-chain metrics suggests a significant return of users to the network. The Solana blockchain averages over 100 million daily transactions across 4.3 million unique users, primarily driven by decentralized exchanges (DEXs) such as Raydium and prediction applications.
Notably, Circle minting $1 billion in USDC natively on Solana represents a massive institutional catalyst for $SOL. It has driven immense liquidity back into the ecosystem. Meanwhile, cumulative spot $SOL ETF net inflows have stabilized near $1.1 billion to $1.45 billion, providing a strong demand floor for the digital asset.
Upcoming upgrades on the Solana network seem to be boosting investors’ appetite for $SOL. The expected Alpenglow consensus upgrade will introduce a voting framework designed to slash confirmation finality down to 100-150 milliseconds.
Technical Levels to Watch for $SOL
$SOL traded at $80.27 at the time of writing and is exiting an intense liquidation phase, while entering an accumulation channel. The cryptocurrency’s immediate support lies between $70 and $73.22. Holding above this region would confirm a short-term bottom. Meanwhile, $81.14 represents a crucial resistance. Breaking above this level would invalidate a short-term bearish outlook.
Solana’s 200-day Simple Moving Average coincides with the $94 level. A daily close above this resistance would trigger a macro structural breakout, opening the way for further upward movement toward $105-$120.
Source: Original Article
