Solana's Potential for a Price Boost: Insight into SOL Reaching $223 by September's Close
In the world of cryptocurrency, Solana (SOL) is making headlines with its recent surge to a 7-month high. According to data from CoinGlass, the Futures market is mostly bullish, and this bullish sentiment is reflected in the increase in Futures Open Interest.
Futures Open Interest jumped 5.14% to a new all-time high of $12.9 billion, indicating steady capital inflow and increased participation in Futures. This surge in Solana deposits points to heavier exchange deposits than withdrawals, suggesting that buyers are actively accumulating SOL.
The bullish outlook for Solana extended across the monthly and weekly charts, rising by 16.9% and 8.18%, respectively. This upward trend is also mirrored in Solana's Relative Vigor Index (RVGI), which made a bullish crossover, reaching 0.056. Similarly, Solana's Directional Movement Index (DMI) made a bullish crossover, hitting 29, signaling a strong uptrend.
The surge in Solana's price has been linked to increased whale demand for Futures positions. Whales have been targeting Futures markets, as indicated by four consecutive days of Big Whale Orders on CryptoQuant. One such whale withdrew 20,000 SOL worth $4.09 million from Kraken and deposited it into Kamino to borrow $3 million USDC.
This move could be strategic positioning for the next market leg, with the whale eyeing direction bets. In fact, longs dominating Futures positions indicate that whales are betting on Solana's price to rise further. The Long/Short Ratio in the Derivatives market jumped to 1.02, with longs accounting for 50.6% of the total contracts.
However, it's important to note that if momentum fades and profit-taking stays strong, a correction could follow. Solana may potentially pull back toward $186. This warning of potential pullbacks is further emphasised by the surge in Solana deposits, indicated by a spike in Spot Netflow, which suggests aggressive selling.
Despite this, institutional investors have been significantly boosting liquidity and price stability in the Solana market. ParaFi, Pantera Capital, CoinFund, and Sharps Technology have purchased over $1.5 billion to $1.7 billion worth of Solana (SOL) tokens recently. This influx of professional capital contributed to Solana’s price gaining around 7.7% and outperforming competitors.
The pending SEC decision on Solana ETFs expected in October 2025 is also anticipated to further raise price and institutional demand. At press time, Solana [SOL] reached a 7-month high of $211 before easing to $209. If buyers continue to accumulate, Solana may find the next significant resistance at $223. The whale's move to OKX could be a strategic positioning for the next market leg, with the whale eyeing direction bets.
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