- Solana forms a bullish structure above $220 support, eyeing a breakout past the $240 resistance.
- On-chain data shows $42.4B TVL and strong USDC activity, reinforcing Solana’s network strength.
- Institutional demand and ETF anticipation drive accumulation, supporting Solana’s upward momentum.
Solana is showing a change of pattern as it forms a bullish structure after a healthy pullback. Price is holding around $226, and if it breaks above the $240 resistance zone, it could move toward $253 next. Momentum continues building as traders closely monitor the ongoing consolidation phase.
Bullish Market Structure Strengthens Amid Consolidation
At the time of writing, Solana (SOL) was trading at $221, maintaining strength above key support near $220. According to BitGuru, SOL is forming a bullish structure after a recent pullback, supported by renewed upward momentum.
The 4-hour chart shows price recovery from a correction following its rise to $253 in early October. According to Man of Bitcoin, “The price remains above the $216 level, keeping the white direct bullish scenario intact.”
The analyst added that a drop below this level could push SOL toward the $213–$200 zone, while a breakout above $240 may open a move toward $253. Price has stabilized between $220 and $240, with higher lows forming and trading activity showing consistent volume recovery. The $226 zone acts as a key pivot level for short-term direction.
Ecosystem and Institutional Developments Reinforce Market Strength
Solana’s network fundamentals remain robust alongside price momentum. According to data from Token Terminal, Total Value Locked (TVL) on the Solana blockchain reached $42.4 billion, driven by Circle’s USDC mining activity. On-chain data indicates that 50% of all USDC transfers now occur on Solana, showing strong network preference and liquidity depth.
Institutional interest continues to rise as Grayscale, VanEck, Fidelity, and other issuers await the U.S. SEC’s ruling on Solana ETF proposals. Solana Company’s plan to acquire 5% of total SOL supply further supports institutional confidence.
Exchange data from CoinGlass recorded $56.4 million in net outflows, reflecting ongoing accumulation. Technical structure, ecosystem expansion, and liquidity growth collectively point toward a strengthening market setup. Analysts observe that a confirmed breakout above $240 could mark the beginning of Solana’s next upward phase, targeting $253 in the near term.
