Solana price has staged an impressive rally, chugging up 12.82% to $206.70. Its valuation now stands at $112.02 billion, while the intraday trading volume has exploded 157.88% to $11.93 billion. With prices ranging between $177.47 and $205.20 in the last day, Solana’s recovery is drawing both retail and institutional interest. With the token trading just 30% below its all-time high of $294.33, marketers are curious about SOL price future.
The launch of Kanye West’s YZY token on August 21 created a frenzy on Solana’s network. The YZY token spiked 6,800% to $3.16 before retracing to $1, generating $386 million in daily trading volume. This fueled a 139% jump in network activity and boosted Solana’s TVL by 25% to $15.3 billion.
On the institutional side, Tidal Trust II filed for a 2x leveraged Solana ETF on August 21. While regulatory approval could take longer than for Bitcoin or Ethereum products, the move validates growing institutional interest. With 70% of SOL’s supply currently staked, the limited liquid supply could magnify future price swings as demand increases.
SOL price has broken decisively above its 50-day simple moving average at $180 and cleared a key Fibonacci resistance at $197, setting off a technical rally. The MACD histogram flipped positive at +0.33, confirming bullish momentum, while the RSI at 63.54 shows room to run before overbought territory.
The breakout above $193 triggered algorithmic buying, as reflected by a 24-hour funding rate of +0.01%, the highest in 30 days. SOL now faces immediate resistance at $209.67, the August 21 swing high, followed by a stronger barrier at $236. Key support levels are at $176.69 and $146.52.
If bullish pressure continues, SOL price could test $209 in the near term and possibly extend toward $236. However, traders should be cautious, as leveraged long positions and concentrated staking may increase volatility during pullbacks.
Speculative trading from the YZY token launch and institutional signals like the ETF filing have boosted demand for SOL.
Immediate support is at $176.69, while resistance stands at $209.67 and $236.
No, the RSI is at 63.54, leaving room for more upside before entering overbought territory.
Ethereum stole the spotlight yesterday, soaring to a record all-time high. The surge follows Fed…
Dogecoin, the largest meme coin, posted a strong 9.48% daily gain, climbing to $0.2381 with…
The conversation around cryptocurrency in the United States has taken a remarkable turn. Crypto leaders…
The crypto world has no shortage of memecoins, but PENGU is starting to stand out…
The meme coin universe, once dismissed as mere carnival fare, has evolved into a dynamic…
Memecoin, the native token of the Memeland ecosystem by 9GAG, has taken traders by surprise…
