Solana (SOL) is trading at $148.35, up 7.06% in 24 hours with a 17% weekly gain
ARK Invest purchased $5.2 million worth of 3iQ Solana Staking ETF (SOLQ)
Technical indicators show a strong bullish trend with resistance around $147-152
Whale activity includes one investor holding 1.29 million SOL valued at $180 million
Institutional interest is growing with Upexi Inc. raising $100 million for Solana treasury
Solana (SOL) is experiencing a remarkable price surge, trading at $148.35 as of 18:00 UTC today. This represents a 7.06% increase in the last 24 hours and an impressive 17% gain over the past week.
The cryptocurrency’s trading volume has reached $4.65 billion, showing a 17.43% increase that confirms strong market participation. These price movements come amid renewed institutional interest and improving network fundamentals.
Technical indicators remain firmly bullish for Solana. The Average Directional Index (ADX) stands at 100, indicating an exceptionally strong trend. The MACD shows positive divergence, supporting the upward momentum.
While the Relative Strength Index (RSI) reads 76.32, suggesting overbought conditions, the underlying strength of the trend points to further upside potential. The Bollinger Band expansion of 12.61% hints at increased volatility ahead.
In a major development for institutional adoption, Cathie Wood’s ARK Invest has made its first direct Solana exposure through Canada’s 3iQ Solana Staking ETF (SOLQ). According to recent filings, ARK’s ARKW and ARKF ETFs purchased 500,000 shares of SOLQ, valued at $5.2 million.
This strategic move places Solana alongside major tech names in ARK’s portfolio, including Nvidia, Unity Software, and Qualcomm. The SOLQ fund allows institutional investors to stake SOL and earn yield while gaining exposure to Solana’s price action.
ARKW and ARKF have become the first U.S.-listed ETFs to hold Solana exposure, marking a milestone in institutional recognition of the blockchain’s potential. This vote of confidence from ARK could accelerate the broader rally for SOL.
Not to be outdone, Nasdaq-listed company Upexi Inc. has raised $100 million to build a Solana-focused treasury strategy, led by GSR. Following this announcement, Upexi’s stock surged over 630% from $2.33 to $18.30, before retracing 46% due to profit-taking.
Whale Activity and Market Sentiment
Whale movements have contributed to market interest in Solana. One leading Solana whale, who staked nearly a million SOL in 2021 at $27 per token (a $27 million stake), now holds assets valued at 1.29 million SOL or approximately $180 million.
In April, this whale unstaked 100,000 SOL, worth about $14 million, and transferred the tokens to Binance. This move has been widely interpreted as a possible sale.
Earlier in April, four accounts holding $37 million in staked SOL had their assets unlocked. These tokens have since increased to over $206 million in value.
Derivative markets are showing positive signs for Solana. Data from Coinglass shows that the Long-to-Short Ratio is slightly bullish at 1.0096, meaning more traders are betting on Solana’s price increasing.
Open Interest in Solana futures is climbing, driven mostly by long traders. This suggests the market is leaning toward an upside breakout, especially with major institutional players entering the space.
From a technical perspective, key resistance levels to watch are between $147 and $152, with support at $138. Traders are advised to be cautious below the $132 level.
Solana briefly led Ethereum in staking market cap dominance on April 20, highlighting increasing investor optimism but sparking debate over token distribution and centralization.
The SOL price chart shows a potential inverted double-bottom pattern forming, which is typically a bullish setup. If this pattern plays out, SOL could break through resistance around $144 and aim for new yearly highs.
For the longer term, analysts at Changelly project an average price in 2025 at $148.66, suggesting moderate returns. A tighter range of $136.68 to $144.42 is anticipated for April 2025.
With current volatility measured at 2/10, traders are encouraged to adopt disciplined risk management. Strategic entries at the $138-141 level on pullbacks are preferred, with continued optimism that the market can absorb moves by major holders.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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