The crypto market was on a bullish streak over the past few days, and the Solana price is riding on the bullish trend.
Solana (SOL) price rebounded beyond the critical mark of $175 and increased by 3% during the past 24 hours, which shows renewed momentum. This move came as the market experienced a rebound after hitting lows in early August at $157, with the technicals giving a chance to the upside.
Solana Price Consolidates Gains on Strong Technicals
Solana price has recently surged, breaking through the $175 resistance level and moving toward $180.
Technical indicators suggest that $SOL’s next target could be around $187. At press time, the token is up 8% in the past 7 days, trading at $178.
Having fallen to around $157 in early August, the altcoin price has recovered sharply, regaining and maintaining above the $175 level.
The Supertrend indicator has also turned bullish and remains in a buy signal, indicating the ongoing uptrend.
In the meantime, the MACD is still above the signal line, and this means that the bullish momentum is still present, but the histogram reveals that it is slightly weaker.
RSI is approximately 58, which means that the price of $SOL is not overbought yet, although the demand is high
Provided that Solana manages to stay above the level of $180, it may open the door to an upward move towards the next resistance areas at the level of 181.34 and even 193.89.
Overall, the technical outlook for $SOL price remains favorable, with momentum indicators supporting the possibility of continued gains in the near term.
Solana’s Ecosystem Growth and Staking Yields
The expansion of the ecosystem of Solana remains one of the factors that has a major impact on its performance in price.
Its blockchain provided one of the highest staking returns in the crypto market, which is now standing at 7.55%, making it an investor magnet among retail and institutional investors.
The success of this staking has been influential in the increasing market demand for $SOL as investors look forward to reaping high returns in a volatile market.
The activity of the Solana network has also grown, including growth in decentralized finance (DeFi) applications, non-fungible tokens (NFTs), and the number of active addresses.
The total value locked (TVL) in DeFi protocols on Solana has been on the rise, as the network becomes more popular.
As it expands, the market position of Solana is becoming even stronger, with the price likely to rise as a result of this expansion.
Solana Against Other Major Cryptos?
Solana keeps delivering impressive performance on the market, especially in comparison to other key cryptocurrencies.
The 24-hour volume of Solana has recently surpassed $9.6 billion, which is quite a number compared to the 208% rise in the futures volume of 12.4 billion that XRP has recorded.
Even though XRP is more traded on futures, the active network and growing ecosystem of Solana put it in a favorable position.
Institutional Interest in Solana and Future Outlook
Institutional interest in Solana is also increasing, with major milestones such as the listing of $UPXI as the first Solana treasury stock on NASDAQ.
The current amount of SOL tokens in the possession of $UPXI is more than 2 million, which provides daily staking rewards and brings more institutional investors to the Solana ecosystem.
The involvement of more institutional players is indicative of a change towards market credibility of Solana.
Solana’s staking program is already a major attraction to both institutional and retail investors, with more than 334 million in total staking assets.
With staking returns still being one of the highest in the market, the institutions are gaining more interest in Solana as a means of passive income.
This increased institutional interest could enhance the market position of SOL and may become one of the factors that will stimulate the Solana price rally to $187.
Also Read: Bitcoin Price Prediction: $120K Target in Sight After Bullish Breakout
