Solana’s $185 target in sight - Here’s what traders should know

Solana [SOL] is back in the spotlight, showing signs of strength across several key metrics. Over the past week, its price has surged, accompanied by a sharp rise in Open Interest (OI) and a notable uptick in DeFi TVL.

These developments are drawing attention from both traders and long-term investors, as sentiment around the ecosystem begins to shift.

While speculation is heating up, it‘s the data that’s doing the talking, for now.

Futures interest shows market conviction

Solanas Open Interest (OI) in Futures contracts climbed to over $6.8 billion, the highest level since mid-March. This marked a strong resurgence in speculative activity.

The green curve in the chart shows a clear uptrend in OI as Solanas [SOL] price also rallies. Traders are positioning for further upside, rather than just hedging.

This rise came alongside a sharp price uptick, suggesting traders were placing directional bets rather than simply hedging.

In fact, the last three days alone saw a vertical climb, pointing to fresh momentum and rising speculative appetite.

TVL surge indicates Solanas rise

Solanas total value locked has also seen a sharp upswing, showing enthusiasm across its DeFi ecosystem.

According to DeFiLlama, TVL soared past $118 billion, a nearly 5% jump in 24 hours, marking one of the strongest single-day gains in recent weeks.

This surge follows a steady April accumulation phase and aligns with broader upward momentum across decentralized finance.

Momentum intact, but cooling signs emerge

Having said that, SOL did cool off slightly after the sharp rally. At press time, the token slipped 2.77%, and was trading at $172.98.

Source: CoinMarketCap

Despite the pullback, technical indicators suggest the uptrend remains intact.

The RSI sat just above 70, indicating overbought conditions, which could trigger short-term profit-taking. However, the MACD remained bullish, with the blue line well above the signal line, supporting the case for continued upside.

If buyers re-enter around the $170 level, SOL could attempt another push toward $185 or higher. Still, traders should watch for consolidation, as the current dip might be a healthy pause rather than a reversal.