Factors That Could Spark a Bull Run for Solana (SOL)

Summary

The Essential Factor

In the past week, Solana’s SOL has experienced a downward trend, significantly distancing itself from the peak it achieved in January. As it stands now, the price hovers around $161, marking a 45% drop from its highest point.

Notably, some market analysts anticipate that a resurgence may be imminent. One prominent social media user, Ali Martinez, suggested that surpassing the resistance levels between $176 and $188 could trigger a new rally.

Earlier this month, he reported that wallets containing at least 0.1 SOL surged past 11 million within just a fortnight. This trend signifies increased engagement within the ecosystem, and the relatively low threshold indicates that many of the new participants are likely retail investors.

Martinez is not the sole expert sharing insights on the matter. Another social media user, Cas Abbe, highlighted the dramatic price drop SOL faced in April, noting that it has risen over 50% since then while its underlying fundamentals have been improving. They believe that the all-time high from early 2025 doesn’t represent the peak for Solana, predicting a new high later this year.

Mags also weighed in, proposing that the monthly chart for SOL appears to be developing a significant ascending triangle pattern. They expect that breaking through the $267 mark could lead to a substantial upward movement into new territory.

The Upcoming Buying Opportunity?

Another social media contributor, XO, recently revealed their trading practices, which included a major sell-off that occurred about a week ago when the price exceeded $180.

This sell-off represented the entirety of their “spot bag.” Currently, they are on the lookout for fresh buying prospects that could arise in the upcoming weeks or months.

XO mentioned that they are particularly interested in the $140-$150 range, adding that the $120 level “isn’t out of the question.”

Ultimately, the trader believes that Solana’s price movements will largely hinge on the forthcoming actions of Bitcoin.