Solana Price Breaks Resistance, Jumps 4.6%: What Comes Next

Here's a revised version of the article, aiming for improved flow and clarity while maintaining the original structure and intent. I've removed the CSS and JavaScript, filtered out the potentially promotional link, and preserved the placeholders.

Solana's (SOL) price has surged, driven by a confirmed bullish breakout from a long-held resistance area. This impressive performance elevates SOL to the position of the sixth-largest cryptocurrency by market capitalization.

This rally has garnered significant attention following a successful breach of the $188 resistance level, completing both an ascending triangle and a rounded bottom pattern. These formations are often interpreted as robust continuation signals. Based on the breakout, projected targets range from $260 to $350, indicating substantial potential upside if the current momentum persists. The Relative Strength Index (RSI) reading of 67.07 suggests there's still room for growth before the asset enters overbought territory.

Further fueling this upward trend is growing institutional interest. Upexi Inc. recently announced a significant $273 million investment in SOL, acquiring 1.6 million tokens, with the transaction expected to be finalized by mid-July. Such large-scale acquisitions reduce the available circulating supply and tighten market liquidity, particularly during a rally.

Solana's credibility within the enterprise sector has also been strengthened by Ankr's Asphere, which launched Solana Permissioned Environments (SPEs). These SPEs offer customized Solana-based networks tailored for regulated industries like finance. These private blockchain environments are specifically designed for institutions seeking the benefits of blockchain technology while maintaining full control and ensuring compliance with relevant regulations.

Technically, the Moving Average Convergence Divergence (MACD) indicator has formed a bullish crossover, and the 23.6% Fibonacci retracement level at $189.81 is currently being tested as support. Trading volume remains robust at $5.18 billion, despite a 44% daily decrease, further emphasizing the significance of the breakout, supported by a liquidity ratio of 0.053.

If SOL can sustain its current momentum, the next resistance level to watch is near $205.87. The overall bullish setup indicates that Solana is potentially poised for another significant upward move, supported by both institutional backing and strong underlying fundamentals.

The post Solana Price Breaks Resistance, Jumps 4.6%: What Comes Next appeared first on Coindoo.