Solana Price: SOL Breaks the $30 Resistance as Bulls Target New High

The price of Solana (SOL) has rallied back towards the key $30 resistance level this week, sparking speculation among traders that a decisive break above this barrier could propel the altcoin to new highs.

Keypoints

• Solana price is flirting with $30 resistance level, an important psychological barrier due to previous price action.
• SOL saw a reversal around $30 in July, so this level is crucial to watch again.
• Technical indicators are bullish – SOL just had a “golden cross” when the 50-day MA crossed above the 200-day MA.
• RSI is rising, signaling increased buying pressure and bullish momentum.
• Other key levels to watch are support at $25 and resistance at $35. Breaking $35 could open the door to new highs.
• Recent institutional inflows into Solana have been strong compared to other altcoins like Ethereum, showing continued investor interest.
• Solana inflows reached $15.5 million last week, bringing total assets under management to $74 million, up 47% year-to-date.

Solana faces a major test at $30, which has repeatedly stifled upside moves this year, including a sharp reversal in July. Now, with bullish technical indicators suggesting growing momentum, the crypto market is watching to see if SOL can finally overcome this hurdle.

“Solana is flirting with the $30 level, which has been a major point of contention for the past few months,” said David Jones, lead analyst at CapitalDX. “If buyers can decisively push SOL above this resistance, it would flash a hugely bullish signal and likely ignite a sharp rally.”

Adding to the bull case is strong ongoing institutional inflows into Solana, which hit $15.5 million last week according to CoinShares data. Solana’s assets under management have climbed 47% year-to-date, reflecting sustained demand from large investors.

While the broader crypto market remains cautious amid macroeconomic headwinds, Solana continues to attract institutional capital, drawn by its speed, low costs and developer activity.

With technical and on-chain signals aligning, Solana appears poised for a potential upside breakout. The crypto market will be watching closely to see if SOL bulls can successfully take out the $30 hurdle and set their sights on new 2022 highs.