Solana Eyes $185 Target – Traders Brace for Next Move

Solana’s rally isn’t asking permission—it’s carving through resistance levels like a hot knife through institutional FUD. Here’s what’s fueling the charge.

The Technical Setup: SOL’s chart prints a bullish pennant just below $170, with whales accumulating on every dip. The 20-day EMA hasn’t been breached since April’s 37% surge.

Liquidity Hunt: CEX order books show thin ask walls above $180. Market makers love nothing more than vacuuming up stop losses before the real move—classic casino behavior.

Macro Tailwinds: With ETH ETF delays and Bitcoin’s sideways grind, alt traders are rotating into SOL like it’s 2021 again. Never underestimate crypto’s capacity for amnesia.

Will $185 hit before the inevitable ’sell the news’ dump? Smart money’s already hedging—because in this market, even the surest bets come with invisible fine print.

Futures interest shows market conviction

Solana’s Open Interest (OI) in Futures contracts climbed to over $6.8 billion, the highest level since mid-March. This marked a strong resurgence in speculative activity.

The green curve in the chart shows a clear uptrend in OI as Solana’s [SOL] price also rallies. Traders are positioning for further upside, rather than just hedging.

Source: CoinGlass

This rise came alongside a sharp price uptick, suggesting traders were placing directional bets rather than simply hedging.

In fact, the last three days alone saw a vertical climb, pointing to fresh momentum and rising speculative appetite.

TVL surge indicates Solana’s rise

Solana’s total value locked has also seen a sharp upswing, showing enthusiasm across its DeFi ecosystem.

According to DeFiLlama, TVL soared past $118 billion, a nearly 5% jump in 24 hours, marking one of the strongest single-day gains in recent weeks.

Source: DeFiLlama

This surge follows a steady April accumulation phase and aligns with broader upward momentum across decentralized finance.

Momentum intact, but cooling signs emerge

Having said that, SOL did cool off slightly after the sharp rally. At press time, the token slipped 2.77%, and was trading at $172.98.

Source: CoinMarketCap

Despite the pullback, technical indicators suggest the uptrend remains intact.

The RSI sat just above 70, indicating overbought conditions, which could trigger short-term profit-taking. However, the MACD remained bullish, with the blue line well above the signal line, supporting the case for continued upside.

Source: TradingView

If buyers re-enter around the $170 level, SOL could attempt another push toward $185 or higher. Still, traders should watch for consolidation, as the current dip might be a healthy pause rather than a reversal.