- Solana eyes $300 as institutional buying by Galaxy Digital fuels speculation on its next breakout.
- Galaxy Digital’s recent purchase of 1.2M SOL brings the five-day total to 6.5M, signaling strong confidence.
- SOL challenges major resistance for the first time since February, above its previous support level.
Solana (SOL) is once again in focus as the latest institutional buying sparks speculation about its next breakout. Galaxy Digital’s consistent accumulation adds optimism, while a key resistance level is set to determine its short-term direction. Traders now wait to see if SOL breaks higher or faces rejection.
At the time of writing, Solana is trading at $ 236.19 with a 24-hour trading volume of $ 33.31 billion and a market cap of $ 127.60 billion. SOL price decreased by -4.64% in the last 24 hours.
Galaxy Digital Buys 1.2M Solana (SOL) Tokens
Prominent crypto analyst, Crypto Patel, noted that Galaxy Digital made yet another 1.2 million SOL acquisition valued at $306 million in the past 24 hours. The new acquisition sees their five-day accumulation total 6.5 million SOL, revealing further institutional confidence in SOL’s long-term future.
Solana Tests Key Resistance for First Time Since February
Meanwhile, another crypto analyst, Greeny, also pointed out that SOL reached a significant macro resistance line. That’s the first time since February that the line was challenged by that token, formerly a significant support, now turned line of resistance.
Above that level lies Solana’s all-time high range of both this cycle and the past cycle, a zone that could dictate its next big move. The question now is simple: Will SOL see a rejection to gather more strength later this year, or could it bull its way past resistance and seek out $300 much sooner?
Also Read | Solana Gains Momentum as Galaxy Digital Invests $1.2 Billion in SOL Tokens
Solana Shows Steady Momentum as Indicators Improve
The current RSI of Solana is 59.59, and its signal line is 52.61. This means SOL is approaching the bullish zone but is still not overbought. The rising RSI reflects growing buying power, giving investors confidence in rising demand. If the trend continues, SOL could soon test higher resistance.
The MACD also shows strength, with the line at 15.71 compared to the signal line at 7.41, holding a strong positive margin. This signals upward momentum, confirmed by green histogram bars.
Also Read | Solana Faces Pullback, Eyes $235 Critical Level This Week
