In recent weeks, Solana (SOL) has caught the attention of investors, nearing a critical resistance level at $180. With a 20% increase in the past week and 52% over the month, SOL faces an important barrier.
Solana's Price Increase Towards $180
SOL price reached $179.62 within the last 24 hours, approaching the psychological resistance level. Analyst Crypto Virtuous indicates the potential for a significant breakout if this resistance is surpassed. He notes that the completion of the classic ‘cup and handle’ pattern may lead to SOL rising to $510 in the medium term.
Institutional Investors and Trading Volume Surge
Over the past month, Solana's trading volume exceeded $1.5 billion, indicating increased interest from institutional investors. Large funds like SOL Strategies and DeFi Dev Corp have collectively purchased over 395,000 SOL. These developments emphasize the advantages of Solana's rapid transaction capabilities and low fees.
Outlook for Solana Amid Market Volatility
Reports have emerged about Robinhood considering using the Solana network to tokenize U.S. stocks for its European customers, adding optimism. Market experts note that such institutional steps can enhance the ecosystem's liquidity and accelerate adoption. However, global macroeconomic conditions and investor psychology will play crucial roles in influencing price movements.
The price of Solana continues to face significant resistance, and upcoming developments in the markets may significantly impact its future movement.
