Solana price has resumed its bullish momentum, chugging up 1.82% over the past 24 hours to trade at $208.69. The 7th-largest cryptocurrency now holds a market cap of $112.85 billion. This was assisted by the daily trading volumes surging 46.84% to $12.42 billion. SOL price has gained more than 11% this week, breaking through the key $200 psychological barrier and strengthening its short-term uptrend.
The moonish move comes as new catalysts, including Robinhood’s launch of Solana micro futures and a sharp rise in futures open interest, fuel market optimism. However, not everything is in favor, as regulatory developments surrounding Solana ETFs remain on watch after the SEC delayed three filings.
Liquidation data by CoinGlass, shows a higher count of short positions being squeezed, with $754k in shorts cleared in comparison to $638k in longs over the past session. Exchanges such as Hyperliquid and Bybit saw the heaviest short liquidations, indicating aggressive bearish bets as SOL pushed above $200.
Technically speaking, SOL price is showing a constructive setup on the 4-hour timeframe. The token has broken above the 23.6% Fibonacci retracement level at $199.57. The MACD histogram has flipped positive, while the RSI at 57.93 leans neutral-bullish, leaving room for further upside before overbought conditions appear again.
Successively, the immediate resistance for Solana price lies at $213.01, the recent swing high. A daily close above this threshold could open the path toward $228. Conversely, failure to sustain above $200 may trigger a retest of support at $196.69 or even $176.69 if selling pressure intensifies.
Maintaining above $200, with $196.69 as key support, keeps momentum intact.
A clean break above $213 could push SOL toward $228 in the near term.
They lower capital requirements, attracting retail liquidity and boosting open interest.
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