SOL Faces Resistance at $145 Despite Onchain Optimism; Traders Eye Potential Bull Run

SOL, the native token of the Solana network, has struggled to surpass the $145 mark since July 3. This subdued performance reflects waning investor interest in cryptocurrencies, which led to a 5% drop in the sector’s total market capitalization over nine days. During this period, SOL lagged behind competitors, experiencing a 7.8% decline, whereas BNB and Ether saw smaller decreases of 6.5%. Concerns linger among traders about SOL’s bearish trend persisting despite potential recoveries in the broader crypto market. Yet, promising signs from Solana’s onchain metrics and SOL derivatives suggest a possible turnaround, hinting at a bullish breakout above $160,