Solana Tests $200 as Corporate Treasury Adoption Accelerates, Massive Upside Potential Ahead?
Solana (SOL) has broken through the important $200 resistance level and is now trading at about $200, up 7% in the last 24 hours. This
Quick overview
- Solana has surpassed the $200 resistance level, currently trading at approximately $200, with a 7% increase in the last 24 hours.
- DeFi Development Corp has acquired nearly one million SOL tokens, indicating growing institutional trust in Solana's ecosystem.
- Technical analysis suggests a potential price target of $6,300 for SOL, driven by a bullish cup-and-handle pattern.
- Solana's Total Value Locked has reached a six-month high of $10.3 billion, supporting a positive market outlook.
Solana SOL/USD has broken through the important $200 resistance level and is now trading at about $200, up 7% in the last 24 hours. This current rise comes as more and more institutions are using the altcoin and as technical patterns imply that it could be getting ready for a parabolic run toward prices that have never been seen before.
DeFi Development Corp Nears Historic Million SOL Milestone
Corporate treasury adoption has greatly boosted recent price movement, with Nasdaq-listed DeFi Development Corp leading the way. The company has collected an impressive 999,999 SOL tokens, just one token short of the symbolic one million mark. This is thanks to a large $198 million purchase made between July 14 and 20.
This most recent purchase of 141,383 SOL tokens shows that more and more businesses trust Solana’s ecosystem. DeFi Development Corp’s plan is to stake all of the new tokens right away. This will create native yield and help keep the network safe at the same time. Joseph Onorati, the CEO of the company, has said that they have no plans to invest in other cryptocurrencies. He says that SOL’s volatility and native yield potential are two important parts of their treasury strategy.
The corporation still has $5 million to spend on future acquisitions. At current prices, it could buy another 24,752 SOL, which means there will likely be more buying pressure in the future.
SOL/USD Technical Analysis Points to Explosive $6,300 Target
Solana’s chart pattern is one of the most bullish in the cryptocurrency markets from a technical point of view. Several experts have found a typical cup-and-handle pattern over different timeframes. The pattern suggests a possible price goal of about $6,300, which would be a huge 3,000% rise from where it is now.
The monthly chart shows that SOL has already broken above the cup’s handle at $155. The neckline resistance level is at $250. A clear break above this level would confirm the pattern and could start the huge surge up. This formation has been growing for four years, which makes it far more likely to be true.
But historical data shows that caution is needed because renowned analyst Thomas Bulkowski’s study shows that just 61% of cup-and-handle formations hit their entire upside potential. Even with this warning, the pattern’s size and the way the market is acting right now signal that there is still a lot of upside potential.
Network Fundamentals Support Bullish Thesis
Underlying network characteristics provide SOL’s price rise solid fundamental support. Daily active addresses have climbed 9% in the past 24 hours, while daily transactions have resumed their parabolic ascent from 2024 levels. This rise in activity shows that the ecosystem is really growing, not only that prices are going up.
Solana’s Total Value Locked (TVL) has reached a six-month high of $10.3 billion, which is a huge 63% rise from the $6.1 billion it was on April 8. This is probably the most important thing. With a market share of 6.28%, Solana is now the second-largest blockchain by TVL, behind Ethereum, which has a huge 68% share.
Solana Price Prediction and Market Outlook
SOL is now trading 35% below its all-time high of $295. However, the combination of institutional adoption, technical breakouts, and good network fundamentals makes a strong case for a bullish outlook. The next important level to watch is the immediate resistance at $250. If the price breaks above this level, it might unlock the full upside potential of the cup-and-handle pattern.
In the short run, the goal is to challenge the previous all-time high of about $295 again. In the long term, the cup-and-handle aim of $6,300 is still possible if the current momentum keeps up through 2025-2026. But investors should remember that these kinds of huge gains would only be possible if more institutions started using them, the network grew, and the whole crypto market got stronger.
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