Solana (SOL) Poised for Breakout as Metrics Signal Potential Rally

Solana (SOL) has increased by 14% over the past week but still lags behind its all-time high (ATH) by 35%. Data from SOPR and derivative tools suggest this might only be the beginning. When the SOPR indicator falls below 1, sellers typically incur losses. Over the past month, when SOPR declined to around 1, a price increase often followed shortly after. Currently, SOPR oscillates around 1.02, indicating that holders expect prices to rise and are holding their supply. Derivative signals show positive funding rates, but not excessively high to indicate market overheating. Open interest has surged past $9.52 billion, reflecting new capital entering long positions. The current SOL price is around $190, turning previous resistance levels at $183 and $184 into support. If the $196–$199 range is converted into support, it could further bolster the bullish outlook.