Solana (SOL) has shown a significant price recovery, rising approximately 6% in the last 24 hours to trade around $168, following a broader market upturn fueled by positive U.S. economic data and reduced fears of a government shutdown. The token previously tested support near $150.79 and is now eyeing resistance at $164.48, with a decisive close above $175 potentially targeting the 200-day EMA at $185 and the psychological $200 level.
Technical indicators highlight stabilizing demand, as Solana broke above the $160 mark, with the Relative Strength Index (RSI) rising to 41 and the Moving Average Convergence Divergence (MACD) nearing a bullish crossover. Trading volumes surged 60% to $5.36 billion, while derivatives data from CoinGlass shows open interest increased 4.47% to $7.91 billion, accompanied by $9.70 million in short liquidations versus $2.23 million in long liquidations.
Institutional interest is a key driver, with U.S. asset managers Rothschild Investment and PNC Financial Services disclosing new holdings in Solana ETFs. Rothschild acquired 6,000 shares of the Volatility Shares Solana ETF (SOLZ) valued at approximately $132,720, while PNC reported 1,453 shares worth around $32,140. These developments underscore growing institutional confidence, supported by nine consecutive days of net inflows into spot Solana ETFs, totaling $136.50 million in the past week alone.
The broader crypto market recovery, aided by the U.S. Senate's passage of a temporary funding bill, has bolstered risk appetite, with Solana's performance reflecting relative strength compared to Bitcoin. Market participants are closely monitoring resistance levels for cues on the next directional move.
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