- Solana reclaims key Fib levels, eyes $185–$200 as wave (5) targets complete.
- SOL gains 51% after fakeout drop, now trades above 200 EMA for the first time in months.
- Institutional push grows as SOL Strategies plans tokenized equities on Solana blockchain.
Solana (SOL) is gaining strong upward momentum after breaking above multiple technical resistance zones, now trading near $170. The breakout follows a 51% surge, supported by volume strength and macro-level optimism. Analysts suggest that if Solana clears the $200 mark, it could trigger a large-scale bull run, driven by institutional interest and blockchain adoption.
Technical Breakout Suggests Shift in Market Structure
According to analysis prepared by Andrew Griffiths via X, Solana recently staged a “classic fakeout” after a 30% drop in April. The move flushed out many short-term holders before rebounding strongly from key support.
The price has reclaimed the $151.96 level, which corresponds to the 0.5 Fibonacci retracement, and is now targeting the $185–$190 range.The recovery also coincides with a breakout from a long-term descending channel that had kept price action capped for several months.
The Relative Strength Index is approaching overbought levels, but bullish momentum remains intact as SOL trades above the 200 EMA for the first time in over three months. Analysts suggest that if $185 is cleared next, $200 becomes the next key technical and psychological level.
Institutional Adoption and Tokenized Equities Fuel Bullish Outlook
Solana’s rise comes as it gains traction in institutional finance. According to recent statements, SOL Strategies has partnered with Superstate to explore tokenized equity offerings on Solana’s network.
This would make SOL Strategies the first public firm to issue shares on the blockchain. Leah Wald, CEO of SOL Strategies, called Solana “the ideal foundation” for this transition. Crypto analyst CW8900 via X observed that Solana is currently breaking through a major sell wall.
He noted, “If it breaks through that sell wall, the next one is at $270.” As SOL trades above the 200 EMA for the first time in months, closing above $200 could validate the next leg of a broader market rally.
