Solana (SOL) surged over 6.5% to $93.71 on July 10, reaching its highest level since March 18. Trading volume climbed 20% to $5.12 billion, reflecting renewed investor confidence after a period of sideways consolidation near $85–$88 earlier this month.
Dormant Whale Reappears
According to Lookonchain, a dormant whale wallet purchased 67,648 SOL worth approximately $6.23 million this week — its first activity in seven months. The sudden movement has sparked speculation about large-scale accumulation by sophisticated investors.
U.S. Solana ETFs Attract Inflows
Institutional demand is also on the rise. SoSoValue data shows that U.S. spot Solana ETFs recorded $6.23 million in net inflows on July 8, bringing weekly cumulative inflows to over $120 million. This signals growing appetite from traditional asset managers.
Leverage and Liquidation Levels
CoinGlass data highlights significant leverage in the market. Key liquidation levels stand at $90.70 for longs and $94.50 for shorts. A continued upward move could trigger a cascade of short liquidations, amplifying bullish momentum.
Technical Outlook: Resistance at $97.40
The daily chart shows SOL has broken above its prior downtrend line, with both MACD and RSI pointing bullish. However, $97.40 remains a critical resistance zone. A firm close above this level would likely open the door to $118, representing a potential 21% gain from current levels.
Overall, the combination of whale accumulation, ETF inflows, and a bullish technical breakout provides strong short-term momentum for Solana. Traders should monitor the $97.40 resistance closely; failure to break may lead to a retest of support near $90.