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As indications of aggressive leverage positions surface, Solana has emerged as the center of attention for high-stakes traders. With 10x leverage, a recent whale-sized perpetual futures position worth over $12 million was opened, indicating a wager on Solana's upward trajectory.
With SOL trying to break through the intersection of resistance zones grouped between $155 and $165, price action has been consolidating just below the critical moving averages, so the timing is not coincidental. Technically speaking, Solana has been progressively pulling back from its June lows, creating higher lows and regaining ground toward the $160 level. Volume profiles reveal consistent engagement — albeit with less vigor than the earlier impulse waves observed in April and May.
This suggests that even though momentum is growing, spot traders are still generally cautious. Leveraged players' decisive long entry at $153, however, indicates a growing belief that the current range is the starting point for the next leg higher. Looking ahead, Solana has a number of challenges on its way to $200.
The first significant test is located at $175. Previous attempts to break through there were largely rejected, resulting in significant retracements. Beyond that, bears who see the psychological $200 ceiling as a natural exhaustion point are likely to be aggressive counter-traders and to take profits. Either a euphoric breakout or a punishing reversal could result from a volatility spike caused by SOL reaching this threshold.
The overbought zone is getting closer to the relative strength index (RSI), suggesting that a pullback may be required before there is a sustainable upward continuation. The overall trend, however, is in favor of the bulls — as long as SOL stays above its short-term moving averages and draws new long interest.
The situation is straightforward for traders and investors: Solana is getting close to a pivotal point. If whales continue to be confident in their leveraged positions and buying pressure is able to overcome resistance, SOL may launch a run toward $200. Any rejection in the vicinity of this psychological barrier could quickly undo gains.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team