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Solana (SOL) Set to Rip Higher as Golden Cross Appears on Chart

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TL;DR

  • Golden cross forms on SOL/BTC, signaling a possible bullish reversal as the price nears the key resistance zone.
  • 18.56M SOL worth $4B accumulated near $180, creating strong support for long-term holders.
  • DeFi Development Corp expands treasury with $77M Solana buy, lifting total holdings to 1.83M SOL.

Golden Cross Flashes on SOL

Solana (SOL) is changing hands at $206 with a daily trading volume of more than $13 billion. The token slipped 3% over the last 24 hours but is still almost 12% higher than a week ago.

On the SOL/BTC chart, a golden cross just appeared. The short-term moving average has crossed above the long-term average, a signal often linked to growing momentum. Crypto analyst Mikybull said,

SOL is now trading near 0.00189 BTC, approaching a descending resistance line. A push through 0.0020 BTC with volume would confirm strength. Failure to do so could see the pair range sideways under that barrier.

Market Views Remain Split

Daan Crypto Trades pointed out that Solana’s recent rally has been helped by new treasury vehicles and accumulation from larger players. He noted that the price is testing resistance that has stopped previous rallies.

“Rising wedges are generally leaning bearish but in bull markets it’s nothing new for these to break towards the upside instead,” he said.

Others are more cautious. Sensei a comentat,

“Although $SOL is showing incredible strength, I don’t think we’ll reach the targets that some people are saying of $400-500 in this cycle.”

They pointed to Solana’s token inflation and market cap already sitting above the 2021 peak.

Accumulation Around $180

On-chain data suggests heavy buying interest at specific levels. Ali Martinez a raportat that 18.56 million SOL, worth nearly $4 billion, were picked up for around $180. Another 8.67 million SOL were accumulated near $189–$190. These clusters show where large holders built positions and may set support.

SOL cost basis distribution heatmap
Source: X

He added that Solana recently broke out of a triangle pattern, giving a potential target of around $300 if momentum continues.

Treasury Buys and Retail Sentiment

Institutional interest is also building. DeFi Development Corp. (Nasdaq: DFDV) confirmed the purchase of 407,247 SOL for about $77 million at an average of $189. The buy lifted its total holdings to 1,831,011 SOL, now valued at roughly $371 million. The firm still has $40 million in cash for future Solana purchases.

As a raportat de CryptoPotato, retail sentiment has turned strongly positive. Data from Santiment shows bullish commentary outweighing bearish by 5.8 to 1, the most upbeat reading since February. Analysts note that while optimism supports rallies, extreme sentiment has sometimes come before pullbacks.

Postul Solana (SOL) Set to Rip Higher as Golden Cross Appears on Chart a apărut prima dată pe CryptoPotato.

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