Solana Analyst Cheds Turns Bullish on $78 Breakout Setup

A crypto analyst with 375,200 followers on X has turned bullish on Solana (SOL), an Ethereum rival, as the token approaches a key resistance level. Pseudonymous trader Cheds stated that SOL is in an 'absolutely massive spot' as price pushes toward the underside of lost support, with a flip above $78 representing a potential long thesis. Analytics firm Santiment reported that Solana's active addresses jumped to 4.51M since Saturday, marking the network's strongest stretch since February, driven by tokenized equities activity and xStocks chatter picking up around June 26th. At time of writing, Solana was trading at $73.60, down 1% on the day.

Cheds Identifies Technical Breakout Setup at $78 Resistance

Cheds told his 375,200 X followers that Solana would confirm a bullish trend if it increases more than 6% from its current value. The analyst specified that price is pushing up into the underside of lost support, the 50 Day Moving Average, and upper Bollinger Bands on the daily chart. Cheds noted that SOL has double negative bearish divergence with On-Balance Volume and two new unsupported highs. He stated that a flip of $78 can be a long thesis, with invalidation for a short position at that level.

Santiment Reports Active Addresses Surge to 4.51M Since Saturday

Santiment stated that Solana's on-chain activity is heating up fast, with active addresses jumping to 4.51M since Saturday. The analytics firm described this as the network's strongest stretch since February. Santiment attributed the increase to tokenized equities on Solana hitting fresh records this week, with xStocks chatter picking up around June 26th, and SOL's rebound above key levels bringing traders back into the ecosystem. The firm stated that Solana is becoming a go-to chain for real trading activity, not just speculation, with tokenized stocks, decentralized finance usage, stablecoins, and retail-friendly apps giving users more reasons to interact on-chain.

FAQ

What price level does Cheds say Solana needs to flip to confirm a bullish trend? Cheds stated that a flip of $78 can be a long thesis for Solana, which would represent more than a 6% increase from its current value at time of writing.

How many active addresses did Santiment report on the Solana network since Saturday? Santiment reported that Solana's active addresses jumped to 4.51M since Saturday, marking the network's strongest stretch since February.

What factors did Santiment attribute to the surge in Solana network activity? Santiment attributed the activity surge to tokenized equities on Solana hitting fresh records this week, xStocks chatter picking up around June 26th, and SOL's rebound above key levels that brought traders back into the ecosystem.