Solana (SOL) is steadily regaining strength after months of consolidation, supported by strong price action. The token has climbed back toward key resistance levels, showing resilience as buyers step in. The SOL price over the last 24 hours is up by 1.78%, and over the last week it is also up by 21.42%.
At the time of writing, SOL is trading at $246.55 with a 24-hour trading volume of $8.38 billion, reflecting a 16.53% surge over the past day. The token has a market capitalization of $133.74 billion, which has also surged by 1.74%.
Source: CoinMarketCap
A prominent crypto analyst, Crypto Patel, highlighted that Mike Novogratz’s venture firm, Galaxy Digital, has reportedly invested 933,000 Solana (SOL), valued at about $228 million, in nine hours, a huge institutional buying this year. The purchase is a sign of a nascent trend in which big players are looking beyond Bitcoin as well as Ethereum.
Source: X
The timing is notable, as institutional-sized deployments are usually a precursor to a new cycle in the market. By rapidly accelerating its SOL exposure, Galaxy Digital is seemingly aligning for the next phase of crypto profits, lending credence to a view that Solana is maturing into an institutional-grade asset.
Also Read: Solana (SOL) Shows Potential; Can It Break $1000 or Consolidate at $290?
The technicals are signaling bullish strength building in Solana (SOL). The 14-period RSI is 58.96, which is higher than neutral levels but below overbought levels, suggesting possible upside.
The MACD line, 6.42, is higher than the 0.47 signal line, and the histogram is bullish, signifying increasing bullish strength. Overall, these fundamentals point to strong momentum in place favoring a continued uptrend.
From the price action standpoint, Solana is holding a stable position above the key support level of $210.76. Resistance is in the area of $250, which is being tested; it would see out the next major objectives in the area of $266 and even $294, and a breakout from there could take SOL to new all-time highs.
Source: TradingView
On the downside, a breakdown from staying above $210 could pave the way to retest the $150 level of support. For the short-term outlook, if bulls continue to advance, then the next target to watch is $266, and the next bearish target is a retracement back to $210.
Also Read: Solana Surges After Galaxy Digital Buys SOL and Eyes $458 Long-Term Target
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