Solana eyes $233.8 target as bullish momentum builds, trading volume jumps 71%

Solana has regained key support levels, driving renewed optimism for a significant price recovery. Analysts view the network’s performance as a signal for a possible major upward move, supported by increased trading activity and expansion in its tokenized-equity ecosystem. Analysts outline bullish targets Crypto analyst Javon Marks reported that Solana (SOL) is showing renewed bullish potential after reclaiming a pivotal support region. Marks stated that the cryptocurrency could be in the early stages of a rally toward $233.8, provided this resistance area is breached. Should momentum continue, he projected that a subsequent move could target $456. Marks’ outlook follows a period where SOL rebounded from its summer lows, having bottomed near $58 and consolidating below the $82 level for much of July. After breaking out above $107, Solana established a stronger bullish trend. Marks indicated that “SOL may be starting a larger move to $233.8, and if that level is cleared, an extended upward push toward $456 could become possible.” Recent data from TradingView indicates SOL transitioned from a consolidation phase to a more robust recovery, with current prices at $101.64, reflecting a 2.38% daily gain. Analysts stressed the importance of maintaining this region to support further bullish momentum. Market structure and technicals Technical indicators suggest continued buyer support at crucial levels. SOL is trading above its 20-day exponential moving average (EMA) at approximately $99.75, which now acts as dynamic support. Meanwhile, widening Bollinger Bands reflect increased volatility, with upper and lower bands at $107.54 and $97.88 respectively. IndicatorLevel20-day EMA$99.75Bollinger Band Upper$107.54Bollinger Band Lower$97.88Current Price$101.64Marks’ price projection of $233.8 represents an increase of more than 120% from current levels, though he emphasized this is a potential price target rather than a guarantee. For the rally to materialize, SOL must hold above key resistance levels and attract further buyer participation. There is no confirmed price objective, but if SOL sustains higher prices and breaks resistance, the projected targets could gain credibility. A move above $233.8 would further reinforce the bullish view, raising prospects for an advance toward $456. Analysts cautioned, however, that strong buying momentum and a supportive broader crypto market are needed for these targets to become realistic. Rising trading activity and derivatives data CoinGlass data showed that Solana’s 24-hour trading volume increased by 71.35% to reach $5.86 billion, signaling heightened market involvement. Meanwhile, open interest dipped slightly by 0.84% to $5.92 billion. MetricCurrent ValueChangeTrading Volume (24h)$5.86 billion+71.35%Open Interest$5.92 billion-0.84%The spike in volume combined with a minor open interest decline implies that recent price movements may not be entirely due to leveraged trading. This trend could signal healthy spot demand driving the rally, although traders continue to monitor if open interest will rise alongside prices.