Solana (SOL) is gaining strong momentum as major investments fuel renewed optimism in its market outlook. The latest investment transaction by Forward Industries has given the market added optimism. Investors believe SOL is gearing up to attempt once again to hit former peak levels.
At the time of writing, Solana is trading at $235.85, with a 24-hour trading volume of $25.98 billion and a market capitalization of $127.97 billion. The SOL has recorded a modest 0.38% gain in the last 24 hours, signaling resilience despite recent volatility.
Blockchain analytics provider Arkham reported that Forward Industries has purchased $1.58 billion in SOL and fixed their positions at an average token price of $232. Forward Industries is a Solana decentralized autonomous team (DAT) backed by industry leaders like Galaxy Digital, Jump Crypto, and Multicoin Capital. The huge buying is a clear indication of positive institutional sentiment towards the long-term success of SOL.
Adding to the optimism, prominent crypto analyst CryptoPulse noted that Solana is still in contention to retest the $270–$300 zone, which would be in alignment with its previous all-time high zone. From the analysis, as long as the breakout setup is in effect, SOL could be setting itself up for another strong bull charge.
For investors planning entries, points of prime support levels for dollar-cost averaging (DCA) have been identified. The initial support is around $220 and is in tandem with a trendline retest, while a deeper demand is anticipated at $200 in case of a larger pullback.
With institutional funds entering and bullish technical signs forming, market action on SOL is followed keenly. The coming weeks might be significant as the network attempts to reach all the way back up to highs and establish itself in the crypto space.
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The Solana RSI is at approximately 47.48 while the signal line is at 45.38. This positions the token in the neutral zone, with neither strong buying nor selling pressure apparent. The signal suggests market participants are waiting for a clearer direction as the price holds stable at around $235.26. With an RSI below 50, buying pressure has yet to dominate, while selling pressure remains limited.
Looking at the MACD, the blue line is at -0.6298, below the signal at -1.1374. This signals a weak bearish trend, but the narrowing gap suggests strengthening momentum. The histogram recently turned slightly positive at 0.5076, cautiously indicating potential buying. A sustained move above zero would confirm a sentiment shift.
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