Key highlights:

  • $70 is a key resistance level for the silver price
  • Silver miners hold a record $4.8 billion in net cash, strengthening their financial position
  • CoinCodex sees the silver price reaching $69.74 over the next month

Silver is trading near $63, and traders are watching closely to see whether the metal can finally break out of its current range. One analyst expects the next major move to come after the FOMC meeting, and his daily chart points to $70 as the level that could open the door to a much bigger rally.

There is also a strong fundamental story behind the silver price. The biggest silver miners are holding record amounts of cash, giving the sector its strongest balance sheet in years.

The silver price has a $70 test ahead

Crypto analyst Rashad Hajiyev expects the silver price to start moving higher after the FOMC meeting later this week or early next week. His daily chart places silver at $63.8785, with $60 as the first major support and $70 as the key resistance above the current range.

What makes the setup interesting is the comparison between two periods on the chart. The first consolidation formed around $50-$55 in 2025 before silver climbed toward $130. The second is taking place around $60-$65 today. The two patterns look similar, but that does not mean silver will repeat the same move. The important part is what happens around $70.

If the silver price breaks above $70, the next levels on the chart are $75, $80, $85, $90 and $95. A move toward $100 would then become possible. If $60 fails, the focus moves to $55 and $50. The larger trend also remains notable. Silver climbed from roughly $20 to around $130 before falling toward $55. From that low, the metal has recovered to about $63.88.

Silver miners are holding record cash

The miners are giving the bullish case some fundamental support. The Kobeissi Letter reported that the top 10 silver mining companies held around $4.2 billion in net cash in Q2 2026. That was more than double their Q3 2025 level.

Bloomberg data analysed by Tavi Costa puts the figure at roughly $4.8 billion as of September 8, 2026. The group covers 10 mining companies that generate more than 50% of their revenue from silver.

The historical comparison is even more interesting. Net cash reached around $1.5 billion during the 2011 silver bull market. From 2015 through 2023, the group spent much of the period with negative net cash, with the balance falling to around -$1 billion.

The move to roughly $4.8 billion shows how much stronger these companies' finances have become. Higher silver prices can improve mining margins and free cash flow, giving miners more cash to fund new projects, buy assets, reduce financial pressure or return money to shareholders.

Can the silver price break out?

For the silver price, the immediate battle is simple: $70 above and $60 below. A confirmed move through $70 would put $75 and $80 on the radar first, followed by $85, $90, $95 and potentially $100. 

A break below $60 would change the picture. The next supports would be $55 and $50, with deeper levels at $45, $40, $35, $30 and $20. CoinCodex's 1-month silver price prediction puts the price at $69.74 which implies that the metal could move higher in the coming weeks.

For now, silver remains between those two key levels. The FOMC could provide the next catalyst, and the record cash held by major miners gives the broader silver market a strong fundamental backdrop.