- Solana (SOL) holds above $200 with record Open Interest and major institutional buys, signaling strong bullish sentiment.
- If SOL breaks the $219 resistance, it could rally toward $252, marking a potential breakout.
Solana (SOL) is showing strong bullish signals as it maintains an uptrend above $200, sparking optimism among investors and traders alike. Recent acquisitions by key players and record-breaking metrics are fueling expectations for a potential breakout toward $250.
DeFi Development Corp Boosts Solana Holdings
Adding to the positive sentiment, DeFi Development Corp (DFDV), a NASDAQ-listed Solana treasury company, acquired over 104,000 SOL on Tuesday, worth more than $22 million. The purchases were split between BitGo for 60,000 SOL and Kraken for 40,379 SOL.
Following the acquisition, DFDV transferred 96,868 SOL to Fireblocks’ custody, bringing its total holdings to 192,462 SOL, valued at over $42 million. This significant accumulation highlights institutional confidence in Solana’s growth potential amid market recovery.
Open Interest Hits Record High
Solana’s Open Interest (OI) has reached an all-time high of $14.68 billion, reflecting increased investor participation and heightened market sentiment. CoinGlass data shows an 8% rise in OI over the last 24 hours, with trading volume holding steady at $25.19 billion.
The derivatives market also indicates growing bullish pressure. Short liquidations of $10.38 million have outpaced $6.97 million in long liquidations, signaling that bearish traders are being wiped out as the risk-on sentiment strengthens.
SOL Approaches Key Resistance
Solana is trading near a crucial resistance level at $219, representing the 61.8% Fibonacci retracement from its $295 high to $95 low earlier this year. A successful breach of this level could trigger a breakout rally toward the 78.6% Fibonacci target at $252.
Technical indicators further support this optimism. The MACD recently crossed above its signal line, suggesting a bullish trend reversal, while the RSI at 61 shows strong buying momentum with room to grow before hitting overbought conditions at 70.
However, if SOL fails to overcome $219, it may retest the 50% retracement at $195, providing investors a critical level to monitor for potential pullbacks.
Solana’s combination of institutional accumulation, record-breaking Open Interest, and technical bullish signals positions it for a possible breakout. Solana holds above $200 with record Open Interest; a $219 breakout could push SOL toward $252.
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