News View Non-AMP

Solana (SOL) Poised for $50 Breakout as Coinbase Activity Surges

Published by
Zameer Attar

Solana’s SOL token is on fire, soaring over 50% in the past two weeks. Coinbase is leading the charge, with data showing that nearly $1 million has flowed into SOL on the exchange. This suggests that institutional investors are taking a keen interest in Solana, which could fuel a further surge in the token’s price.

Here are all the details you’re looking for!

Coinbase Leads the Way

Data from Kaiko, a financial data firm, reveals that nearly $1 million has flowed into SOL on Coinbase, showcasing a consistent trend of positive investments. This trend on Coinbase stands in stark contrast to the mixed signals coming from other exchanges like Binance and Kraken, which have only recently shown a positive influx of capital.

Notably, South Korea’s Upbit exchange has witnessed a decline in SOL investments.

Coinbase’s appeal extends beyond individual investors; larger median order sizes hint at institutional players showing interest in SOL. The involvement of these institutional investors may be a key factor behind Solana’s current surge in value.

Also Read: Solana Price Analysis: Will SOL Price Hit $50 Soon?

Bullish Outlook for Solana

Notably, Arthur Hayes, the former CEO of BitMEX, has openly expressed his optimistic stance on Solana. He acquired SOL after it made a substantial recovery from its lowest point in the market, reflecting his confidence in the token’s potential.

Despite the current enthusiasm, it’s worth noting that Solana’s Relative Strength Index, which measures market momentum, suggests that the token is currently in an overbought state. This indicator often precedes a market cool-off or correction. 

Looking Back

Historical patterns suggest that SOL could face a price pullback of between 35%-50% after such peaks in RSI levels. At the time of writing, SOL stands at $39, showing a slight dip in the past day but holding steady in the immediate hour.

For traders looking to enter the market, it’s advisable to wait for Solana to stabilize at a higher support level, ideally surpassing the $40 mark. This can help gather momentum for the anticipated upward movement toward the $50 threshold.

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.

Recent Posts

Has Elon Musk Forgotten About Dogecoin (DOGE)?

Particularly for Dogecoin (DOGE), Elon Musk, the billionaire entrepreneur CEO of Tesla and SpaceX, has…

April 2, 2025

Shiba Inu Drops 9%, but RUVI AI’s (RUVI) Token Might Be the Meme Coin Killer as Investors Rush to Claim their Bonus

The cryptocurrency market is no stranger to ups and downs, and this week, Shiba Inu…

April 2, 2025

XRP Stalls at $2—Is Ozak AI ($OZ) the Next Big Crypto Breakout?

XRP has struggled to break past the $2.5 mark despite strong market momentum. Meanwhile, Ozak…

April 2, 2025

Rexas Finance (RXS) vs. Shiba Inu (SHIB): Will SHIB Rebound, or is 2025 the Year of RXS?

Investors must make a crucial choice as the bitcoin market develops: stick to well-known meme…

April 2, 2025

XRP Price To Revisit $2 Before ‘Final Blastoff’

XRP is currently down by more than 1% in the last 24 hours. The price…

April 2, 2025

Ethereum Price Prediction 2025, 2026 – 2030: Will ETH Price Hit $5k in 2025?

Story Highlights The Ethereum price today is . ETH price with a potential surge could…

April 2, 2025