Solana has extended its break up more than $ 150, climbing 5.4% in the last 24 hours to reach $ 153.16 at the time of writing, in accordance with Coingecko data:
With more than $ 4.6 billion in volume of daily negotiations and a market capitalization in the circulation of just under $ 75 billion, Sol quickly becomes one of the most watched altcoins this quarter.
Over the past two weeks, he has outlined both Bitcoin and Ethereum, fueled by bruise techniques, an increase in institutional adoption and record use on the chain.
Sol has now won almost 39% in the last 14 days, leaving a consolidation beach for several weeks. After returning the resistance of the keys to $ 141 – coinciding with the fibonacci level of 0.236 – Bulls now have a following FIB target around $ 169.03.
Meanwhile, Momentum indicators confirm the break, the RSI growing above 60, the stochastic oscillator reporting a strong bullish dynamic at 91.3, and the MacD showing a continuous positive divergence.
Solana's growth has an institutional interest
The net rally is fired by several factors, including a global increase in market capitalization of cryptocurrency and other parts, such as bitcoin and altcoins, entering the green area.
However, the soil rally also stems from strategic allowances by institutions. For example, Galaxy Digital has exchanged $ 105 million from Ethereum for almost $ 98 million in Solana in the past two weeks.
According to blockchain data, Galaxy has reduced his exposure to ETH while accumulating 752,240 soil, signaling a decisive institutional move towards soil in the middle of concerns concerning the scalability of Ethereum and layer 2 fragmentation.
Adding to the institutional rear wind, Defi Development Corporation announcement A new purchase of Treasury Sol of $ 11.5 million on April 22, bringing its total Holdings to 34.4 million dollars.
Sol can continue to attract capital by seeking exposure to growth. As Cryptomod reported, an ETF of Solana has recently been approved in Canada, which could lead a large number of institutional actors in the ecosystem.
If the ground price is greater than the break area of $ 141, a remedy of the region from $ 169 to $ 180 seems more and more likely.
