- Solana confirms double bottom breakout above $210, with buyers now testing resistance near $245.
- Ecosystem growth pushes TVL to $17B as stablecoin and DEX volumes show record participation.
- Institutional inflows of $1.65B and upcoming ETF decision strengthen Solana’s bullish trajectory.
Solana (SOL) has surged to around $232.87, powered by a strong double bottom breakout after consolidating near the $210 support zone. Momentum is carrying the price higher as buyers push past resistance. With this continuation, SOL is signaling strong bullish energy. At the time of writing, Sol was trading around $241.
Double Bottom Formation and Technical Setup
The 4-hour chart shows SOL advancing after forming a bullish structure identified as “Bullish Beauty,” according to analysis prepared by BitGuru. The setup followed a pullback before prices climbed 20.24%, gaining 35.42 points, and then added another 11.93%, or 26.15 points.
The double bottom confirmed a strong support base above the $200 psychological level. Price stabilized near $210 before continuing upward, breaking through the $230 zone. The sequence of higher lows and higher highs remains in place, pointing to sustained momentum.
According to an observation by Broke Doomer, Solana is going to break the strong resistance now. Volume flows confirmed accumulation phases during consolidation, supporting the breakout. Current chart structure indicates further upward pressure as buyers test resistance zones around $245. Traders continue to monitor this ceiling for potential continuation patterns.
Ecosystem Growth and Institutional Drivers
Beyond price action, Solana’s ecosystem shows expansion. According to DeFiLlama, Total Value Locked (TVL) reached $17 billion, setting a new all-time high. Stablecoin capitalization stands at $12.511 billion, while decentralized exchange (DEX) volume reached $5.401 billion in the last 24 hours. Net inflows of $5.11 million also confirmed steady capital movement.
Institutional interest has reinforced Solana’s trajectory. Ford, with support from Galaxy Digital, allocated $1.65 billion into Solana Treasury, acquiring over 2.1 million SOL within a day. This boosted trading volumes by 27%, pushing totals above $11 billion. Market capitalization has risen to more than $126 billion.
Upcoming catalysts remain in focus. The U.S. Securities and Exchange Commission is expected to approve spot Solana ETFs in October, while the Alpenglow upgrade will transition the network to proof-of-stake and enhance transaction speeds. Analysts suggest these events could support continued bullish energy in Solana’s market structure.
