Solana (SOL) Price Prediction: Bulls Regain Control, Targeting $265 as Launch of First Spot ETF Boosts Sentiment

Solana has made a strong comeback after recent market turbulence. The smart contract platform gained nearly 1.34% in the past 24 hours and is up an impressive 20%

Solana (SOL) has shown resilience in recent times, recovering swiftly from a dip that saw the cryptocurrency drop to a local low of $96 amid broader market sell-offs.

The downturn was fueled by macroeconomic uncertainty, sparking widespread pessimism among crypto traders. However, the dip was short-lived as bulls quickly stepped in to regain control and push prices higher.

Solana has since staged a recovery, climbing back above key resistance levels and now trading around $134. The swift rebound underscores growing investor confidence and a return of bullish momentum.

Indeed, market sentiment appears to be shifting in favor of the bulls. According to data from prominent analyst Ali, about 71.87% of traders on Binance with open SOL positions are betting on continued upside.

This overwhelming long positioning signals strong expectations of a sustained rally. Crypto analysts note that Solana is showing technical strength after bouncing off weekly support.

71.87% of traders on Binance have opened LONG $SOL #Solana positions

This comes after weeks of bears being in control

With the tide slowly turning in favor of bulls, will they be able to push through the final bit of resistance and set the stage for a decent recovery?