The price of cryptocurrency Solana shows significant growth, breaking through the long-awaited resistance level at $188. This event has attracted the attention of both investors and analysts.
Breakthrough of Resistance Level
The recent rise in Solana's price is driven by a successful breakout above the $188 resistance, completing both an ascending triangle and a rounded bottom. These patterns are commonly viewed as strong continuation signals.
Institutional Investments and Their Impact
Institutional interest in Solana is also growing. Upexi Inc. recently announced the purchase of 1.6 million Solana tokens for $273 million, with the deal to be finalized in mid-July. Such purchases reduce circulating supply and enhance market liquidity.
Technical Indicators and Future Predictions
From a technical perspective, indicators such as the MACD show a bullish crossover, while the Fibonacci 23.6% support level stands at $189.81. Meanwhile, trading volume remains high at $5.18 billion, despite a 44% daily decline.
If Solana maintains its current momentum, the next resistance level is around $205.87. The bullish setup suggests the possibility of further growth for Solana, supported by both institutional backing and strong fundamentals.
