Solana (SOL) Faces Resistance at $148 as Trading Volume Spikes

Solana’s SOL token is trading at $144.04, down 0.62% in the past 24 hours, after briefly touching $147.73 earlier in the session, according to CoinDesk Research. Despite the dip, trading volume surged, and market sentiment remains strong, buoyed by renewed bullish commentary from Syncracy Capital co-founder Ryan Watkins.

Watkins, known for making thesis-driven crypto investments, reiterated Solana’s pivotal role in the emerging onchain economy. In a post on X dated June 25, he stated that Solana is on track to lead the “tokenization of everything,” while rival Hyperliquid may dominate the perpetuals market. This follows his May prediction that the battle between Solana and Hyperliquid could define the future of the crypto economy, potentially birthing a $100B–$500B platform.

Institutional interest in Solana appears to be growing, with CME SOL futures hitting a record volume of 1.75 million contracts. Analysts view this as a clear sign that sophisticated investors are positioning around Solana’s infrastructure potential, even as short-term price action consolidates.

Technical indicators show SOL trading in a 24-hour range between $145.09 and $147.45, with support around $143.02 and resistance near $147.98. A key resistance zone has formed between $147.90 and $148.00. Notably, between 13:06 and 14:05 UTC, the price rose from $146.27 to $147.31, signaling intraday strength before pulling back.

As Solana approaches the critical $148–$150 zone, traders are closely watching for a breakout. With growing institutional backing and strong technical fundamentals, SOL remains one of the top tokens to watch in the evolving crypto market.