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Solana price reclaimed the $100 territory on Jan. 11, but an unusual spike in SOL staking signals the potential for a further upswing.&nbsp; 
Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noreferrer noopener">SOL</a>) and other layer-1 proof-of-stake (PoS) networks, including Avalanche (<a href="https://crypto.news/price/avalanche/" target="_blank" rel="noreferrer noopener">AVAX</a>) and Cardano (<a href="https://crypto.news/price/cardano/" target="_blank" rel="noreferrer noopener">ADA</a>) dominated the <a href="https://crypto.news/altcoin-season-incoming-analyst/" data-type="post" data-id="14232385" target="_blank" rel="noreferrer noopener">altcoin season</a> rally in December, each scoring triple-digit percentage price gains.&nbsp; 
The crypto market slipped into tepid price action at the turn of the year. Between Dec. 25 and Jan. 7, SOL price slid into a 33% tailspin from $126 to the local bottom of $85.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/2vaM-DyWeMo89giE4IcE80x7qP6E3Yc44I6Av2Da6PdGn9U7eekW3jxntsKU5aNyRiIJGonSikHdiq2njpLOtTb8yWn2NfNUeQPbdFmQiL8G3qUADqTA3dle6TCyImNjkpE42QIEzAxSz0jKBIOE8P0" alt="Solana (SOL) Price action, Dec 25 - Jan 10&nbsp;">
 <figcaption class="wp-element-caption">
 Solana (SOL) Price action, Dec 25 – Jan 10, Source: <a href="http://tradingview.com" target="_blank" rel="noreferrer noopener">TradingView&nbsp;</a>
 </figcaption>
</figure> 
However, Solana has gained some traction since Jan. 8, with SOL entering a 20% bounce to reclaim the milestone $100 level at the time of writing on Jan. 10. The positive market sentiment surrounding the approved Bitcoin spot ETF has set the plate for another Solana price rally in the weeks ahead.&nbsp;&nbsp; 
 You might also like: <a href="https://crypto.news/sec-approves-spot-bitcoin-etf-on-accelerated-basis/"> SEC approves spot Bitcoin ETF on accelerated basis </a> 
<h2 class="wp-block-heading" id="investors-have-staked-4-51m-sol-this-week">Investors have staked 4.51m SOL this week&nbsp;</h2> 
After a tepid start to 2024, Solana price trend has flipped bullish. However, looking beyond the price charts, bulls appear to be making strategic moves for a much larger upward movement.&nbsp; Notably, Solana staking trends have set up a pattern identical to the days preceding its historic rally in December 2023.&nbsp; 
At the start of the week on Jan. 8, 378.6 million SOL was deposited across dedicated staking smart contracts, according to on-chain data compiled by <a href="http://stakingrewards.com" target="_blank" rel="noopener">StakingRewards.com</a>. But at the time of writing on Jan. 10 that figure has now hit 398.5 million SOL.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/q_nmtwHQafjqAey_OA_et2o8CTEots75_oYp2lCUA1ukrqjpMiR4PW4DtE_w0FI0VlGbCLrDuYVkcrDn6I9erf8Sd0bYOSdNItlToJ5B5uvqzZmrpcMV5iDtmpeNaH5TMcGwV7jMhwubbBsyHZmJBIo" alt="Solana (SOL) Staked vs. Price ">
 <figcaption class="wp-element-caption">
 Solana (SOL) Staked vs. Price | Source: <a href="https://www.stakingrewards.com/asset/solana" target="_blank" rel="noreferrer noopener">StakingRewards</a>
 </figcaption>
</figure> 
The chart above illustrates that SOL token holders have deposited 4.51 million SOL into staking contracts within the last 3 trading days. With SOL currently trading at $100.2 apiece, the newly-staked coins are worth approximately $450 million.&nbsp; 
Staking involves depositing coins into dedicated smart contracts, typically for a prolonged period,&nbsp; in exchange for passive income.&nbsp; A rapid increase in staking for a PoS network is considered a bullish signal for a number of reasons.&nbsp; 
Firstly, when node validators stake more coins, it improves the security and efficiency of the <a href="https://crypto.news/learn/what-is-proof-of-stake-pos/" data-type="cn_article" data-id="14088407" target="_blank" rel="noreferrer noopener">PoS network</a>.&nbsp; 
But more importantly, it reduces the number of tokens readily available to be traded in the spot markets. Albeit temporary, this $450 million increase in SOL staked puts significant deflationary pressure on Solana’s market supply.&nbsp;&nbsp;&nbsp; 
Unsurprisingly, historical data shows that the Solana price rally to a 20-month peak of $126 in December was conspicuously accompanied by a 19.2M SOL increase in Solana staking. If this pattern reoccurs, the 4.51 million SOL staked this week could set Solana price up for bullish price action in the days ahead.&nbsp; 
Additionally, the positive headwinds surrounding Bitcoin Spot ETF approval could increase market demand for altcoins in the coming days. If this bullish scenario plays out, the reduced SOL market supply could trigger an accelerated Solana price breakout.&nbsp; 
 You might also like: <a href="https://crypto.news/learn/what-is-proof-of-stake-pos/"> What is proof-of-stake (PoS) </a> 
<h2 class="wp-block-heading" id="forecast-can-solana-price-reach-150">Forecast: can Solana price reach $150?&nbsp;</h2> 
Considering that SOL price recently breached the $126 territory in December, the bulls could set their sights higher on an ambitious $150 retest in the weeks ahead.&nbsp; 
But for the bulls to validate this lofty SOL price target, they must first surmount the initial resistance at $117. As depicted below, the upper Bollinger Band indicator highlights that the $117.6 price could be a potential reversal point.&nbsp; 
However, a timely and decisive breakout above that resistance zone could open the doors to Solana price reaching $150 as predicted.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/ZmFJCKN30fu3_8YkSWd8RSuCWUD6YVe8SuiyyiqaCUp9cd0fIjeM057gcxofWkkmPKdvcw_vXgfyvlXV06GgICEsThhqGAnJL8GqxNmFN6L6XqDTQwbInQi1F8mC3U6X-kI3rOzGgo2mSF07L-kBZpk" alt="Solana (SOL) Price Forecast - Jan 2024">
 <figcaption class="wp-element-caption">
 Solana (SOL) Price Forecast – Jan 2024, Source: <a href="https://www.tradingview.com/x/BIKemiFy/" target="_blank" rel="noreferrer noopener">TradingView</a>
 </figcaption>
</figure> 
On the downside, this optimistic SOL price forecast could be invalidated if the bulls force a reversal below $85 against the run of play. However, the lower Bollinger Band bulls could regroup around the $90 support level and avert that scenario.&nbsp; 
 Read more: <a href="https://crypto.news/solana-dumps-below-90-as-investors-accumulate-presale-coin/"> Solana dumps below $90 as investors accumulate presale coin </a>

Solana price set for $150 rally as SOL staking spikes $450m

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