Solana (SOL) reached a trade price of $72 on June 29, 2026, marking a 2.6% gain over the last 24 hours as market participants eye a move toward the $80 resistance level. The altcoin’s trading volume climbed by 39% during this period, following a recent price trajectory where SOL defended the $70 mark and hit a local high of $73 before a slight retracement.
This upward pressure stems from a notable shift in sentiment among large-scale holders, with data from platforms like CryptoQuant and CoinGlass indicating a steady trend of whale accumulation. This behavior aligns with broader shifts where investor sentiment often influences exchange supply dynamics.
Momentum indicators support bullish market structure
At the time of writing, SOL maintains a market capitalization of $41.07 billion, even as it continues to work toward reclaiming levels held earlier in the month.
Solana’s current technical setup reinforces a bullish market structure, as the asset remains positioned above its 9-day and 21-day Moving Averages. This move has signaled strengthening short-term momentum to the market. Additionally, the Stochastic Momentum Index (SMI) formed a bullish crossover on June 27, 2026, and has since climbed to 27.
While it remains just below the 30 threshold, its continued upward trajectory suggests improving market conditions.
If the SMI moves above 30, it could confirm the trend’s strength and potentially open the door for further gains toward the $80 target. However, the asset faces several overhead hurdles, including the 50-day Exponential Moving Average (EMA) near $78.20 and the 100-day EMA near $85.29.
Analysts note that if SOL breaks out above $75, the immediate focus will shift to retesting the $80 range, which aligns with the 2024 cycle low on the weekly chart.
Whale orders and exchange outflows signal accumulation
A primary driver for the recent price resilience appears to be consistent whale activity on the spot market. CryptoQuant data reveals that large whale orders are currently concentrated around the $70 and $71 price levels. This concentration of orders suggests increased participation from major holders at these specific tiers.
This activity is mirroring trends seen in other major tokens, such as when dogecoin whale buying influenced market inflows earlier in the year.
According to CoinGlass, Solana Spot Netflow has remained negative for three days, standing at -$112,000 at press time—an improvement from the -$1.7 million recorded the previous day. Negative netflow suggests whales are primarily accumulating SOL rather than preparing to sell.
In fact, over the past week, Spot Netflow has only recorded a positive value once, reinforcing the narrative that supply is being moved into private storage.
High transaction volume anchors network utility
Underpinning the speculative interest is a high level of on-chain activity. Throughout June 2026, Solana has processed an average of 102.7 million transactions per day, with a peak of 118.1 million recorded on June 2.
On June 5, the network saw over 4.16 million active users in a single day, a 6.2% increase from the month prior. Application fees have reflected this demand, averaging $2.26 million per day during the month.
Solana’s decentralized exchanges (DEXs) have also shown significant performance, processing $7.19 billion in spot trading volume during the week of June 12-18, 2026. This figure exceeded the volumes reported by major centralized platforms like Coinbase ($6.39 billion) and Kraken ($4.37 billion) for the same period.
Furthermore, tokenized stocks on the network hit $4.9 billion in volume during the first half of 2026, representing a sixfold increase compared to the latter half of 2025.
Key support levels and local price targets
While the outlook remains focused on $80, there are critical downside levels to monitor. If whale demand weakens, Solana could revisit $70 or fall toward $62, which serves as the next key support.
Analysts from More Crypto Online suggest that a failure to hold the $72–$78 support zone might lead to a retest of lower liquidity areas. Should the correction extend further, some analysts point to a range between $45 and $60 as a potential bottom.
For a more sustained long-term recovery, bulls likely need to target the 200-day EMA, which was situated near $101.58 as of mid-June. Reclaiming this level, alongside a move above the May 12 high of approximately $98, could pave the way for a test of $110.
As of June 8, 2026, the token was approximately 77.5% below its all-time high of roughly $295, a peak reached in January 2025. The immediate path forward depends on whether the current accumulation phase can absorb remaining selling pressure.