Solana has rallied more than 10% in the past week, climbing to trade around $80.88. With this surge, Solana stands out among the top ten cryptocurrencies by market capitalization, recording performance that outpaced several other major blockchain projects over the same timeframe.
Support at $70 to $72 anchors Solana’s rebound
A key factor behind Solana’s latest price movement was its ability to hold support in the $70 to $72 range. Buyers defended this zone for the third time this year, prompting another upward price response. The current uptrend has brought SOL close to the descending trendline that has marked the market for several months.
Crypto analyst Daan Crypto Trades highlighted that Solana is attempting to reclaim its previous trading range after spending nearly four months below it. According to the analyst, the breakdown below this band at the beginning of June triggered a drop of over 20%. Now, reclaiming the $78 level may indicate a potential recovery structure for SOL.
Daan Crypto Trades explained that Solana is striving to recapture the trading zone where it previously stabilized for an extended period. If the price can remain above $78, attention may turn back to the upper limit of this range.
| Technical level | Value | Significance |
|---|---|---|
| Support | $75.85 | 50-day moving average |
| Short-term resistance | $80 to $82 | Trendline and supply zone |
| Primary resistance | $94.07 | 200-day moving average |
Institutional interest in Solana gains momentum
Institutional activity has also come into focus. Forward Industries made headlines this past financial quarter by acquiring more than 500,000 SOL, raising its total holdings to over 7.55 million SOL. This move underscores a broader trend of companies allocating greater portions of reserves to digital assets.
Forward Industries increased its total Solana holdings to 7.55 million SOL after purchasing over 500,000 SOL at an average price of $79 per token in the latest quarter.
In another significant development bridging traditional finance and blockchain, fintech firm Spiko introduced tokenized money market funds on the Solana network. These funds are managed by the European asset management giant Amundi, which oversees $2.4 trillion in assets. Spiko is recognized for offering solutions that bring real-world assets onto the blockchain.
Glossary: A tokenized money market fund refers to a vehicle where shares representing traditional money market instruments are digitized as tokens on a blockchain, facilitating on-chain transfer and custody.
On-chain data signals ongoing activity in Solana
Network analytics confirm that momentum in the Solana ecosystem remains strong. The blockchain continues to rank among the busiest, averaging roughly 100 million daily transactions. According to DeFiLlama, total value locked (TVL) across Solana’s decentralized finance platforms currently stands at $4.8 billion.
Recent sessions show increases in the number of active wallets and net capital inflows. This rise has extended to open interest in SOL futures, indicating new capital moving not just into spot markets but also derivatives.
A spike in the liquidation of short positions has further fueled the uptick. As prices moved higher, investors betting on a decline were forced to close out their trades, adding momentum to Solana’s rally.
$94 emerges as the critical resistance level
From a technical perspective, SOL has moved above its 50-day moving average at $75.85, converting it into a new support. The relative strength index currently sits at 63.8, indicating robust momentum that has not yet reached the typical “overbought” threshold.
In the near term, the $80 to $82 range is being watched as the initial resistance area. A daily close above this zone could bring $90 into play. The main technical barrier, however, lies at $94.07, which marks the 200-day moving average. If SOL can surpass this, the psychologically significant $100 level will be in sight.
