Solana Finally Breaks 18-Month High Amid Positive Onchain Metrics – This Could Be the Next SOL Target

Solana (SOL) has been on a tear recently, with the price surging to over $54 for the first time since May 2022. According to on-chain analytics provider Santiment, this decisive breakout signals Solana is decoupling from other crypto assets as momentum builds. But can the rally be sustained and reach as high as $61 soon?

Mainstream Attention Returning

Source: Santiment – Start using it today

Santiment points out that discussion rates about Solana have spiked across social media and mainstream finance channels. This suggests regular investors are taking notice of Solana’s strengthening price performance compared to competitors. As more retail and institutional interest returns to Solana, this creates a feedback loop potentially helping drive the price higher.

Funding Rates Elevated But Not Yet Worrisome

At the same time, Santiment notes funding rates on Solana futures contracts are getting high but not yet in truly worrisome territory. This indicates trader enthusiasm and bullish speculation are picking up, but not at mania levels that would precede a blow-off top. There is still room for further momentum if funding rates remain reasonable.

Technical Resistance Ahead

According to crypto analyst Rekt Capital, Solana still faces overhead resistance around the $61 that formed in 2021. While the price has already broken strongly above the 2021 resistance line around $53, it remains to be seen whether $61 will also be overcome convincingly. If Solana can replicate this feat, it signals a new bullish phase ahead.

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Major Technical Breakout Underway

In summary, Solana’s surge above its prior 18-month resistance is a very bullish technical sign of growing strength. With on-chain data also reflecting building momentum, Solana looks poised to keep rallying higher. The key test will be successfully conquering the $61 barrier and sustaining the breakout. But overall, Solana seems to be in the early stages of a renewed bull market.

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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.