Solana Price Prediction: Golden Cross and $2.97B Open Interest Put $400 Target in Focus

Solana price is trading near $117.38 after recovering strongly from its recent lows. With SOL now testing the crucial $118–$120 resistance zone, traders are watching closely to see whether growing momentum can trigger a larger breakout or lead to another period of consolidation.

Solana price chart is showing an important technical improvement after its prolonged correction. Price has recovered above the 200-week moving average and is now approaching another major moving average, with the two indicators moving closer together. Famous X analyst Ash Crypto highlights the developing weekly golden cross as a potential sign of a larger trend reversal. SOL has also recently tested the $120 region for the first time in roughly eight months, reflecting the strength of the recovery from its earlier lows around $60.

The weekly setup remains constructive, but the golden cross is still forming rather than fully confirmed. Holding above the 200-week moving average would strengthen the recovery, while another rejection from the upper moving average could lead to consolidation before the next breakout attempt.

Solana has reclaimed its 200-week moving average, with a weekly golden cross developing as price approaches the $120 resistance region. Source: Ash Crypto via X

Solana’s latest rally has brought price back to a resistance level that previously acted as an important support and resistance boundary. The $118 region is now the immediate area to watch as Solana price attempts to extend its recovery.

Solana is testing the $118 breakout level, with an analyst targeting approximately $148. Source: GordonGekko via X

In an analysis on X GordonGekko identifies a sustained reclaim of $118 as the trigger for a larger move towards $148. His chart shows SOL recovering from a previous base around $96 before advancing towards the current resistance. A successful breakout would bring the next major supply area near $148 back into focus.

The latest Brave New Coin snapshot places SOL near $117.38 after a session high of $119.90. That means price has already tested the breakout region, but holding above $118 remains important. A move back below the former resistance could delay continuation and bring the $110-$112 area into focus.

A separate higher-timeframe projection suggests Solana price could be preparing for a larger recovery if its current base develops into a sustained bullish trend. The chart compares an earlier accumulation structure with the more recent consolidation near the lower end of the market.

Sweep’s setup highlights how SOL previously formed a base before experiencing a substantial upside expansion. The current structure is being compared with that earlier phase, with price attempting to break away from a support region around $95-$100.

The projected path extends towards the $400-$500 region over a much longer timeframe. However, this remains a speculative fractal scenario rather than a confirmed price target. SOL would first need to reclaim $118, break through $148 and establish a stronger higher-timeframe trend before those larger projections become relevant.

Solana’s long-term fractal suggests the possibility of a larger cycle target around $400. Source: Sweep via X

Derivatives activity is also rebuilding as Solana recovers. Data shared by Santiment Intelligence places SOL open interest near $2.97 billion, indicating that traders are increasing their exposure to the asset.

The same dataset shows approximately $25.84 billion in Bitcoin open interest and $16.97 billion in Ethereum open interest. Across the broader crypto market, the increase suggests that leverage is returning alongside the latest price recovery.

Solana’s derivatives open interest has reached approximately $2.97 billion. Source: Santiment Intelligence via X

For Solana, rising open interest can support stronger directional moves when accompanied by sustained spot demand. However, higher leverage also increases the risk of sharp liquidations if price reverses. With SOL currently testing the $118-$120 region, the reaction around resistance could become particularly important for leveraged traders.

Solana’s recent advance is beginning to look like more than a short-term bounce. Solana price has reclaimed the 200-week moving average, while a developing weekly golden cross suggests the longer-term trend may be shifting after months of weakness.

Solana price trades at $117.38, down 0.13% in the last 24 hours. Source: SOL price via Brave New Coin

The improving technical picture is also attracting renewed interest from traders. However, the market still needs to demonstrate that the latest gains can be sustained rather than turning into another short-lived rally. Some consolidation or a healthy pullback would not necessarily undermine the recovery.

For now, Solana’s outlook remains positive, although a new bull phase is not yet fully confirmed. Continued buying interest, stronger market participation, and a series of higher highs and higher lows would provide further evidence that SOL is moving into a more sustained upward trend.