Solana (SOL) has gained nearly 10% in the last seven days, breaking through the $220 resistance level and stabilizing above it for the past 72 hours. This bullish momentum is supported by a confirmed golden cross on its technical chart, where the short-term moving average crosses above the long-term moving average, historically indicating potential for further price appreciation.
Major institutional catalysts are driving SOL's 24% monthly rally. Seven asset managers—including Bitwise, Grayscale, Fidelity, and VanEck—have filed for spot Solana ETFs, with the SEC required to rule by October 10. Approval would enable retail and institutional investors to access SOL through traditional brokerage accounts, mirroring the success of Bitcoin and Ethereum ETFs.
Forward Industries raised $1.65 billion from Galaxy Digital, Jump Crypto, and Multicoin Capital to purchase and stake SOL, generating yield for shareholders. Bitwise CIO Matt Hougan compared this to Bitcoin's institutional adoption phase, noting that the $1.65 billion investment relative to SOL's $116 billion market cap is equivalent to a $33 billion Bitcoin investment in proportional terms.
Technical analysis shows SOL trading within a widening triangle pattern, with support at $204-$209 and resistance between $260-$280. A breakout could target $320-$350. CME Solana futures open interest hit a record $1.49 billion, indicating surging institutional demand.
Network fundamentals strengthen the bullish case. Solana processed 2.9 billion transactions in August, surpassing Ethereum's total since 2015. Validators approved the Alpenglow upgrade, which will reduce transaction finality from 12 seconds to 150 milliseconds, making Solana the fastest layer-1 blockchain. However, trading volume remains a concern, down 3.42% to $9.02 billion in the last 24 hours, which could limit breakout potential without increased buyer participation.
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