Solana's projected cost: Foundation inflows and escape barriers suggest $280 as a potential target for SOL rates
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Solana, the fast-growing cryptocurrency, is showing strong signs of growth, according to recent market trends. If it maintains its current pace, Solana could potentially reach a value of $260 to $280, bringing it closer to a top-5 spot among cryptocurrencies.
The order book indicates that Solana is currently trading within a range, with the nearest support at $220. A significant cushion can be found near $205 to $208. The SOL/ETH chart, meanwhile, is showing a notable deviation below the 100-week EMA, but this is starting to regain strength.
A successful reclaim of 0.0560 in the SOL/ETH chart could shift the structure more decisively in Solana's favour, according to analyst Alex Clay. He also suggests a potential push towards the 0.065-0.07 ETH zone for Solana if it secures the reclaim of its current position.
The steady flow of announcements indicates that companies are choosing to hold SOL on their books. Notable among these is Helius, which is holding SOL as their reserve asset, indicating a long-term commitment to Solana. Another big player, Helius (Nasdaq-listed), has invested over $500 million in Solana, with support from Pantera and Summer Capital.
Solana's trading volume has stayed strong, with over $9.7B traded in the past 24 hours. This has narrowed the gap between it and BNB compared to earlier this year. Solana is currently holding firm in the 6th spot with a market cap of about $128B, only a step behind BNB at $192B.
Thirteen institutions have recently included Solana in their strategic reserves, collectively holding 8.277 million SOL tokens valued at approximately $1.72 billion, with each SOL priced at $208.15. This institutional positioning further strengthens Solana's position in the market.
Resistance is building between $235 and $250, with sell walls appearing just above $235 and getting heavier closer to $250. However, if the ascending base isn't broken, momentum suggests that the market is preparing for another leg up, with the path back toward the all-time highs opening up.
The consistent inflows and recent breakout structure around the $220 to $225 zone are keeping bullish momentum intact for Solana. Analyst CW8900 notes that holding above $220 keeps momentum constructive, while a push through the $235 to $240 zone could open the door to testing $250 and beyond.
As of now, Solana is trading at around $235.83, down 0.72% in the last 24 hours. Despite this minor dip, the trendline running higher from August continues to hold, keeping the bullish structure intact.
Over the past few days, more treasury-focused firms have been investing in Solana, suggesting a trend. This, coupled with the strong institutional positioning and consistent bullish momentum, indicates that Solana is well-positioned for further growth in the coming months.
