Solana Price Near $220 With Bulls Eyeing $230 After Fresh Institutional Inflows
Solana (SOL) is holding above $220 after a 6% weekly gain. Institutional accumulation is on the rise, with DeFi Development...
Quick overview
- Solana (SOL) is currently trading above $220 after a 6% weekly gain, with institutional accumulation increasing significantly.
- DeFi Development Corp has purchased over 104,000 SOL for more than $22 million, boosting their total holdings to 192,462 SOL valued at over $42 million.
- The derivatives market shows strong activity, with Open Interest reaching an all-time high of $14.68 billion and a notable shift in liquidations favoring short positions.
- Technical indicators suggest a bullish trend for SOL, with key support levels at $214 and $210, and resistance at $223, $227, and $230.
Solana (SOL) is holding above $220 after a 6% weekly gain. Institutional accumulation is on the rise, with DeFi Development Corp (DFDV), a NASDAQ listed Solana treasury company, buying 104,379 SOL worth over $22 million from BitGo and Kraken. 96,868 SOL were transferred to Fireblocks custody, adding security. DFDV now holds 192,462 SOL worth over $42 million, showing renewed confidence in Solana’s long term.
The derivatives market is also strong. According to CoinGlass, Open Interest rose 8% in 24 hours to an all time high of $14.68 billion, while daily trading volume held at $25.19 billion. Short liquidations were $10.38 million, vs $6.97 million in long liquidations, showing broader capitulation among bears.
Technical Picture Shows Higher-Low Structure
The 2 hour chart confirms the bullish setup. Price is in a rising channel and printing higher lows – a textbook trend. The latest rally took SOL above the 50-EMA at $212, flipping short term momentum in favor of the buyers. The chart also shows a series of strong bullish candles, almost like a “three white soldiers” formation, but profit taking capped the gains at $223.
Momentum is still good. RSI is at 62, above neutral without any overbought signals. No bearish divergence is formed, momentum is aligned with price. The channel’s midline is intraday support and dip buyers are stepping in aggressively.
Solana (SOL/USD) Key Levels and Trade Setup
Resistance is at $223, then $227 and $230 – the top of the channel. Support is at $214 and $210 – the 50-EMA. The 200-EMA at $204 is a deeper safety net and confirms the overall bullish bias.
- Entry Zone: $219-$220
- Stop Loss: Below $214 (trendline support)
- Targets: $223 (short term), $227-$230 (channel top)
For the traders, it’s simple: as long as SOL is above $214 and printing higher lows, the trend is up. Institutional buying, all time high derivatives and strong technicals is a good risk reward for the buyers.
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