Solana Surges Above $156 as Institutional Adoption and Bybit’s DEX Innovation Drive Recovery
At the time of writing, Solana (SOL) is worth more than $156, which is a strong 6.5% gain over the past 24 hours. The cryptocurrency is
Quick overview
- Solana (SOL) has gained 6.5% in the last 24 hours, currently valued at over $156, as it shows signs of recovering from recent market turmoil.
- The announcement of Bybit's hybrid decentralized exchange, Byreal, launching on Solana in 2025 is boosting confidence in the ecosystem.
- MemeStrategy's investment in Solana marks a historic milestone as the first public investment in Hong Kong, indicating growing institutional interest.
- Technical analysis suggests a potential bullish breakout for SOL if it maintains levels above $168, while traders should monitor the $140 support level closely.
At the time of writing, Solana (SOL) is worth more than $156, which is a strong 6.5% gain over the past 24 hours. SOL/USD is still recovering from recent market turmoil. The price action suggests that the downtrend from the previous week may be about to reverse. This is because institutional changes and technical elements are coming together to favor positive momentum.
Bybit’s Solana-Based DEX Signals Growing Ecosystem Confidence
The biggest reason for Solana’s recent rise is that the crypto exchange Bybit announced Byreal, a hybrid decentralized exchange that would launch on Solana in the third quarter of 2025. Ben Zhou, the CEO, said that Byreal is “real hybrid finance” because it combines the liquidity of a controlled exchange with the transparency of decentralized finance.
The platform will have advanced routing systems like Request for Quote (RFQ) and Concentrated Liquidity Market Maker (CLMM) protocols that are meant to make swaps with low slippage and MEV protection. Byreal is getting ready to compete in the $20.3 billion DEX industry, which is presently led by Uniswap, which has a 24% market share. A testnet version is anticipated at the end of June.
Raydium is presently the leader in Solana’s ecosystem, with $1.7 billion in total value locked and 55% of the market. This news is especially important for that ecosystem. But the Solana DEX scene has been unstable, with trading volumes dropping 88% since the memecoin trading boom on sites like Pump.fun in January.
Historic Institutional Milestone: Hong Kong’s First Public Solana Investment
Adding to the excellent news, MemeStrategy (2440.HK) became the first company in Hong Kong to invest in Solana by buying 2,440 SOL tokens valued about $369,442 through the regulated platform OSL Group. This is a big step forward in the trend of firms diversifying their treasuries outside Bitcoin and Ethereum, following in the footsteps of companies like MicroStrategy and Tesla.
The fact that the trade was done through OSL, Hong Kong’s first SFC-licensed digital asset platform, shows that the region is becoming a regulated crypto hub and that institutions are becoming more confident in Solana’s long-term potential.
Solana ETF Optimism Fuels Altcoin Season Speculation
Another positive factor is that people are becoming more hopeful about the possibility of U.S. ETF approvals for cryptocurrencies. Eric Balchunas, an ETF analyst at Bloomberg, has said that the SEC might authorize crypto ETFs that follow altcoins like Solana as early as next month. James Seyffart, another analyst, has said that Solana and staking ETFs could be among the first to be approved.
This change in the rules could lead to a lot of money coming into institutions, just like what happened with Bitcoin BTC/USD after spot ETF approvals in early 2024.
SOL/USD Technical Analysis: Double Bottom Formation Points to Potential Breakthrough
From a technical point of view, Solana’s price action has made a double bottom reversal pattern from the $140 support zone. The important neckline at $168 is the high from last week. The current rise above $156 implies that bulls are gaining control, but there is still a lot of resistance ahead.
The daily RSI has turned around from being close to oversold at 49, which means that positive momentum is forming and the price could go up even more. If the price breaks above the $168 neckline, it might start a rally toward the $180 supply zone, which would be around a 15% gain from where it is now.
But traders should be careful of a key resistance trendline that has formed from peaks on January 18, May 14, May 23, May 27, and June 11. This line has stopped Solana’s recovery attempts in the past.
Solana Price Prediction: Key Levels to Watch
The combination of institutional adoption, DEX innovation, and regulatory optimism puts Solana in a good position for continued recovery. However, traders should keep a close eye on the $140 support level as the rest of the crypto market deals with liquidation pressures that have been over $131 million in the past 24 hours.
- Bullish Scenario: If SOL stays above $168 with volume confirmation, it might go up to $180-$190, which would be a 15-22% increase. The 200-day moving average, which is close to $174, might be a good short-term goal.
- Bearish Risk: If SOL can’t stay at its present levels, it could drop to the $140 support zone. If prices drop below this important level, they might correct to $105, which is the lowest level so far this year and could mean a 30% drop from where they are now.
- Base Case: SOL is likely to consolidate between $140 to $168 while news about ETFs and institutional developments continue to create momentum for a possible Q3 breakout.
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