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Recently, Solana 
$172 has displayed signs of price recovery. Indicators supported by technical analysis suggest that SOL could challenge levels above $200. Increased market confidence and rising institutional interest are believed to be influencing these movements.
Technical Indicators
Upon examining price charts, a rising triangle formation has been identified. This formation indicates a growing buying pressure and strengthening support levels. Additionally, the breaking of the Bollinger Bands suggests a potential increase in volatility. Technical analysis tools indicate that it may be possible for the current movement to continue.
Impact of Institutional Investors
Applications for ETFs submitted to the SEC and the appointment of a new SEC chairman enhance expectations for greater clarity in the regulatory environment. These developments could pave the way for institutional investors to engage more in the market. The increasing institutional interest is observed to bolster investor confidence in Solana.
Market Patterns
The descending wedge formation in price movements also stands out as a significant structure. If the upper trend line is breached, it is predicted that bullish momentum may further increase. The market appears poised for reaching new targets as certain resistance levels are broken.
The support level at $147.48 has become an important reference point. A price recovery from this level is welcomed positively by investors. Analysts suggest that if the resistance level is surpassed, SOL could range between $275 and $390.
The rise of projects and applications on the Solana platform indicates an expansion in usage. Developers’ focus on the platform is contributing to the strengthening of the ecosystem. This situation suggests the potential for long-term growth and increased utilization.
Market analysts assess that a positive outlook has formed through the combined effects of technical indicators and institutional developments.
Peter Brandt noted that Solana could potentially surpass Ethereum 
$2,686 in the long run.
Such statements support the expectation of increased confidence among investors.
In general evaluations, there is a possibility for Solana to gain positive momentum in light of its current technical formations and institutional developments. Factors such as support and resistance levels, market patterns, and increased usage remain critical elements to watch for the future.
