Solana (SOL) has surged 4.61% over the past 24 hours, reaching $187.65 and pushing its market cap above the $101 billion mark.
This rise comes as the token confirms a bullish breakout from a long-standing resistance zone. SOL‘s performance now positions it as the sixth-largest cryptocurrency by market cap.
The rally has drawn attention due to a successful breakout above the $188 resistance level, completing both an ascending triangle and rounded bottom pattern. These are typically seen as strong continuation signals. The breakout’s measured move targets range between $260 and $350, suggesting further upside if momentum holds. Technical indicators like the RSI at 67.07 suggest room before reaching overbought territory.
Adding to the upside pressure, institutional interest is mounting. Upexi Inc. recently disclosed a $273 million SOL acquisition, purchasing 1.6 million tokens to be finalized mid-July. Such moves reduce circulating supply and tighten market liquidity—especially in a rally.
Solana’s enterprise credibility also received a boost as Ankr’s Asphere launched Solana Permissioned Environments (SPEs), offering custom Solana-based networks for regulated sectors such as finance. These private blockchain environments are designed for institutions seeking blockchain functionality with full control and compliance.
From a technical standpoint, the MACD has formed a bullish crossover, and the Fibonacci 23.6% retracement at $189.81 is being tested as support. Trading volume remains high at $5.18 billion despite a 44% daily decline, reinforcing the breakout’s significance with a liquidity ratio of 0.053.
If SOL maintains current momentum, the next resistance level lies near $205.87. The bullish setup suggests that Solana could be poised for a new leg up—backed by both institutional support and strong fundamentals.
Kosta Gushterov
Reporter at Coindoo
Kosta joined the team in 2021 and quickly established himself with his thirst for knowledge, incredible dedication, and analytical thinking. He not only covers a wide range of current topics, but also writes excellent reviews, PR articles, and educational materials. His articles are also quoted by other news agencies.
Source: https://coindoo.com/solana-price-breaks-resistance-jumps-4-6-what-comes-next/