Solana, the 7th-largest cryptocurrency with a market cap of over $44.2 billion, recently gained infamy, after printing 10 consecutive red monthly candles – starting from November 2025, all the way until July 2026. However, the digital is currently in green territory in August, raising hopes that it could be on the cusp of a momentum reversal.
SOL finally looks to break the bear trend
As of Thursday, SOL is trading around $76, down roughly 74.1 percent from its all-time high value of $293 created in January 2025. While the digital asset is down significantly, analyst KillaXBT predicts that there’s still some life in SOL.
In an X post on Thursday, the crypto analyst forecasted that although SOL may never actually create a new high again, it doesn’t mean there’s no upside to the cryptocurrency. They added that from its current price, SOL can still rise about 100 to 150 percent.
However, the analyst gave the condition that for SOL to reverse course, Bitcoin must first create a market bottom. They shared the following chart, highlighting three price levels where they’d be interested in bidding SOL.
A 100 percent price appreciation from current levels would propel SOL all the way to around $150. Meanwhile, a surge of 150 percent would push the digital asset to approximately $187, not too far from its ATH value.
Fellow crypto trader Bluntz shared Killa’s bullish outlook on SOL. They shared the following SOL weekly chart, stating that the cryptocurrency is forming a bullish divergence on the relative strength index.
For the uninitiated, a bullish RSI divergence occurs when an asset’s price makes a lower low while the RSI makes a higher low, suggesting that selling momentum is weakening. It can signal a potential bullish reversal or rebound, although confirmation from price action is still important.
Demand for Solana still present
While SOL’s depressing price action over the past 10 months have disappointed the bulls, there is still some real demand for the cryptocurrency.
In an X post, SolanaFloor shared that the largest SOL treasury Forward Industries scooped around 254,000 SOL between July and August 3.
In parallel, on August 4, Solana governance passed a bullish proposal that doubled its burning rate, reducing the digital asset’s active circulating supply.
