Solana has broken above resistance at $190, transitioning into a strong support level. Now, attention shifts to the next key price point: $210. This breakout signals bullish momentum with support for further upward movement.
The price surge is fueled by growing DeFi activity, rising institutional interest, and positive technical indicators.
DeFi’s impact on Solana’s TVL is undeniable. With a total value locked exceeding $11.3 billion, growth in stablecoin liquidity adds further stability to the ecosystem. Furthermore, increasing buyback activities from Solana-based projects show strong buying confidence.
The bullish market structure is supported by technical analysis. Moving averages (5MA, 10MA, 20MA) have aligned upwards, while the Relative Strength Index (RSI) nears overbought levels around 70. These indicators all point to continued upward momentum for Solana.
Notable mentions include institutional interest from VanEck’s application for a Solana ETF in the US and ongoing EU evaluation of the network’s digital infrastructure.