Solana (SOL) is showing signs of renewed investor confidence, even as its price experienced a slight pullback at the start of July. While SOL dropped by 2.61% on the 1st of July, trimming some of its recent weekly gains, the underlying activity on its blockchain suggests a different story. In fact, several key metrics are flashing bullish, and analysts believe Solana could be preparing for another major price rally.

One of the most compelling signals comes from the network’s wallet activity. According to data from Glassnode, the number of wallets holding at least 0.1 SOL surged to an all-time high of 11.44 million on June 28. This growth in addresses, especially among smaller holders, reflects increasing adoption at the grassroots level. When small investors start to accumulate in large numbers, it often points to a broader sentiment shift that can drive price momentum in the medium term.

The increase in wallet activity coincided with a price jump to $150.76, indicating that this accumulation is not happening in isolation. Rather, it’s a sign of deepening market engagement. More notably, this rise in active wallets is being supported by another bullish trend—outflows from centralized exchanges. Data from CoinGlass shows that as of July 1, net outflows from exchanges totaled over $525 million. These sustained outflows typically indicate that investors are moving assets into private storage, a move often associated with long-term holding and reduced selling pressure.

Meanwhile, traders in the derivatives market are also aligning with this bullish sentiment. Futures and options data from CoinGlass shows a significant spike in Open Interest and trading volume. Futures Open Interest rose by 4.14% to reach $7.22 billion, while Futures Volume surged 88.74% to a massive $20.24 billion. On the options side, Open Interest climbed 17.76%, and trading volume increased by over 37%. This surge reflects rising market participation and a growing number of positions betting on future price increases.

The Taker Buy/Sell Ratio—an indicator of buyer versus seller dominance—further confirms this outlook. The overall market ratio stood just above 1, indicating slight buyer control. However, exchanges like Binance and OKX posted much higher readings of 1.98 and 2.16, respectively, suggesting strong buying momentum from traders on those platforms. This growing confidence in the derivatives market often precedes major price moves in spot markets.

From a technical perspective, Solana’s short-term price structure is also aligning with the fundamentals. The token is currently trading within a bullish triangle formation and has already broken through immediate resistance levels. If price action holds above support zones around $144.87 or $139.88, a retest of the $184.88 level is increasingly likely. This would represent a nearly 27% upside from current price levels.

Looking at the medium-term setup, Solana remains in a broader bullish structure but has yet to breach a descending resistance line on its chart. This line has previously rejected upward momentum, but another test could result in a breakout. Should that occur, analysts are watching three primary targets: $181.46, $203.98, and $244.00. Each level marks a key resistance area that could act as a stepping stone if upward momentum builds.

While Solana did face a minor dip recently, all signs point toward a healthy correction rather than a reversal. The combination of rising on-chain activity, strong derivatives market interest, and supportive technical indicators creates a compelling case for potential upside. If the network continues to attract new users and exchange outflows persist, the resulting supply squeeze could fuel a significant rally in the coming weeks.

In summary, Solana is building a strong foundation for future gains. The all-time high in wallet activity, alongside bullish signals from futures and options markets, supports the possibility of a sustained move upward. If current support holds and resistance levels are broken, SOL could soon challenge $184—and potentially move even higher.