The post Solana traders are betting long – Is SOL’s breakout finally here? appeared on BitcoinEthereumNews.com.

Solana appeared to be entering a potential price reversal, not due to broader market sentiment but because it is trading near a historically significant level. Meanwhile, Wall Street investors and institutional interest continued to grow despite ongoing market uncertainty, as reflected in activity surrounding United States spot Solana Exchange-Traded Funds (ETFs). As of press time, SOL was trading at $124.50, up 1.55% over the past 24 hours, per CoinMarketCap. However, market participation remained low, as reflected in trading volume, which has declined by 40% to $3.67 billion. This drop in trading volume suggested growing caution among traders and investors, as the price hovered near the key support level of $118. Solana: Price action hints at a 16% rally  SOL, on the daily chart, appeared to be taking strong support at the $118 level, which has been acting as a support zone since April 2024. Since then, SOL has tested this level more than ten times, and on each occasion, it has recorded a strong price reversal. Source: TradingView A similar type of reversal now appears to be on the horizon. If SOL sustains above the key support level of $118, history may repeat itself, and the asset could see a price increase of around 16%, potentially reaching the $146 level in the coming days. Source: TradingView This bullish thesis would only be validated if the SOL price remains above the $118 level; otherwise, it could be invalidated. On the daily chart, the Average Directional Index (ADX)—a technical indicator used to measure trend strength—has reached 31.26, above the key threshold of 25, indicating that SOL has a strong directional trend. However, the asset’s price remains below the 50-day Exponential Moving Average (EMA), suggesting that SOL is still in an overall downtrend. On-chain data signals growing investor confidence Despite the prolonged market…

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Filed under: News - @ January 28, 2026 1:21 am