Solana’s price continues to consolidate around the $185 level, following its successful breach of a critical resistance level near $180 last Friday.
This breakthrough positions SOL for potential runs toward the next resistance targets at $192 (initial barrier) and $205 (significant resistance zone).
Trading at $187.19, SOL has demonstrated impressive recovery momentum, posting a 31% gain over the past month while maintaining a market capitalization of $100 billion.
Solana Price Eyes $192 Breakout Following Network Block Upgrades
Solana appears to be preparing its infrastructure for anticipated expansion. On July 22, the Solana network increased its block capacity by 20%, raising the limit to 60 million compute units (CU).
Mert Mumtaz, co-founder and CEO of Helius (a platform providing infrastructure and development tools for Solana), explained via X that this upgrade enables the network to process more transactions within each block.
Many analysts now view the current Solana price levels as attractive opportunities for accumulation.
Recently, Nasdaq-listed DeFi Development Corp announced that it stands just one token purchase away from reaching 1 million SOL (valued at $187 million) in its treasury reserves.
Bitcoin mining company Bit Mining also revealed on July 10 that it plans to raise $200-300 million for building a Solana treasury.
Cryptocurrency analysts suggest that with this level of institutional accumulation, once Solana surpasses the $200 threshold, minimal resistance exists between that level and $250.
Solana Price Analysis: Inverse H&S Pattern Points to $220 Bullish Reversal
The SOL/USDT daily chart reveals a developing inverse head and shoulders formation, a recognized bullish reversal pattern.
The pattern displays clearly defined left shoulder, head, and emerging right shoulder components, indicating potential upside breakout if price closes above the neckline area, which corresponds to the $200-$205 zone.
The RSI reading of 67.04 sits just below the overbought level of 70, suggesting continued strength without excessive buying pressure.
Should SOL maintain support above $180 and achieve a convincing neckline break, the measured target projects to approximately $223, representing the completion of the inverse head-and-shoulders pattern.
Snorter Bot: New Way to Find Hot Solana Tokens
While big companies are buying up SOL, there’s been a lot of excitement around new meme coins on the Solana network, especially on a platform called BONKfun.
The problem is that most of these new coins aren’t available on the popular exchanges where regular people usually buy crypto.
That’s where Snorter Bot (SNORT) comes in. This new project is built to spot promising tokens before they become popular and their prices shoot up.
Snorter is a trading bot that you can use through Telegram, and it is built specifically for the Solana network, which means it can work super fast to help you find good investment opportunities early.
The company behind Snorter is currently running an early sale where you can buy their $SNORT tokens before they become available to everyone else.
So far, they’ve raised over $2.4 million from investors who believe in the project.
If you want to get in early, you can get $SNORT tokens for $0.0995 each right now.
This price will only last for 24 hours before it goes up, as part of their two-day pricing system.
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