Solana Price Surges on Institutional Backing and Bullish Technicals

Solana (SOL) has been a standout performer in the crypto market this week, rallying over 13% in the last two days. This surge comes amidst

Arslan Butt•Wednesday, July 17, 2024•1 min read

Solana Price Surges on Institutional Backing and Bullish Technicals

Solana (SOL) has been a standout performer in the crypto market this week, rallying over 13% in the last two days. This surge comes amidst growing interest from institutional investors and positive technical indicators.

Cypherpunk Holdings Boosts Solana Holdings

A significant development for Solana was the news that investment firm Cypherpunk Holdings has significantly increased its SOL holdings. The firm now holds over 63,000 SOL tokens, worth nearly $14 million, and is actively participating in the Solana ecosystem by running its own validator node. This institutional backing is a strong vote of confidence for Solana’s future potential.

SOL/USD Technical Analysis Suggests Further Upside

Technical indicators for Solana are also painting a bullish picture. The price is currently trading above its key moving averages, indicating a potential uptrend. Additionally, the RSI and MACD indicators suggest that the token has room to grow before reaching overbought territory.

Solana Network Activity on the Rise

Beyond the price action, the Solana network itself is experiencing a period of strong activity. The recent surge in memecoin popularity on the Solana blockchain has brought new users and liquidity to the ecosystem. Additionally, the total value locked (TVL) on Solana has surpassed BNB Chain, further highlighting the network’s growth.

Solana Eyes $180 Target

With these positive developments, analysts are now setting their sights on a potential price target of $180 for SOL in the near term. The finalization of the approval process for Ether ETFs, along with the overall bullish sentiment surrounding Solana, could further fuel the token’s price increase.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Open a FREE Trading Account

ABOUT THE AUTHOR See More

Arslan Butt

Lead Markets Analyst – Multi-Asset (FX, Commodities, Crypto)

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics. His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker. His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.