Solana (SOL) price is testing $130 support level with eyes on breaking $144 resistance
Janover purchased 80,567 SOL worth $10.5 million, bringing total holdings to 163,651 SOL
Solana meme coins showing recovery with increased trading volumes across platforms
Canada launched first spot Solana ETFs, potentially increasing institutional adoption
SOL is outperforming Bitcoin, Ethereum, and XRP with over 20% gains in the past week
Solana (SOL) price is currently showing signs of recovery after experiencing substantial volatility in recent weeks. Trading at $134.72 as of press time, the cryptocurrency is testing key support and resistance levels while gaining attention from institutional investors and traders alike.
The cryptocurrency recently faced liquidations at the $100 level in April 2025, causing a rapid price decline. However, the $130 level has emerged as an important support area that could push prices higher in the coming weeks.
Market participants are closely watching the $144 level as a potential price target if Solana breaks above current resistance. This breakout could pave the way for further gains.
On-chain data from Glassnode reveals that the largest group of SOL holders purchased tokens at approximately $129.79, with more than 32 million SOL transacted at this price level. This massive accumulation could potentially drive rebounds if markets decline again.
#Solana’s URPD shows a major shift in cost basis over the past two days, forming the largest supply cluster (>5%) at $129.79 with over 32M $SOL. This zone could act as a support during future drawdowns, reflecting high investor engagement at this price level. pic.twitter.com/mrunKSjKZL
Many investors choose to buy or hold when prices drop to these levels, creating a stable support zone.
Institutional Interest Growing
The launch of Canada’s first spot Solana ETFs on April 16, 2025, has increased market speculation about potential price movements. This development raises the possibility that increased institutional adoption could drive the price toward the $200 mark.
Real estate company Janover has emerged as a major institutional player in the SOL market. The company announced the purchase of 80,567 Solana tokens valued at $10.5 million on Tuesday, bringing its total holdings to 163,651 SOL worth approximately $21 million.
This marks Janover’s third major crypto purchase, following a shift in its treasury policy on April 4 to begin acquiring digital assets on a long-term basis, starting with Solana.
Janover’s strategy mirrors business intelligence firm Strategy’s (formerly MicroStrategy) Bitcoin buying spree, but with a focus on Solana instead. The company is distinguishing itself as the first publicly traded US company to adopt a treasury strategy primarily focused on SOL.
Since authorizing its new treasury policy, Janover’s stock price has risen remarkably, jumping over 1700%. The company stated it would begin staking its newly acquired SOL immediately to generate revenue while supporting the Solana network.
Meme Coin Recovery Boosts Ecosystem
Solana’s ecosystem is getting an additional boost from the recovery of its meme coin sector. After months of decline, Solana meme coins are regaining bullish momentum with dramatically increasing daily trade volumes and price gains across most leading tokens.
Meme trading platform Axiom’s daily trading volume exceeded $100 million for the first time on April 14, accounting for about 50% of the market share of Solana meme trading platforms. The number of trading users reached a record high of 26,800.
Another platform, Pump.fun, recently launched Pumpswap, a new decentralized exchange that quickly captured 14% of Solana’s DEX market. Trading volumes are spiking on PumpSwap, with daily trading volume surging by 50% on Tuesday, April 15.
In the last week, eight of the ten largest Solana meme coins posted double-digit gains, with most achieving over 20% price increases. This increased network activity has contributed to Solana’s 20% price gains over the past week.
Solana has outperformed major cryptocurrencies such as Bitcoin, Ethereum, and XRP in the weekly timeframe. While SOL has gained over 20%, BTC, ETH, and XRP are up by 10%, 11%, and 17% respectively within the same period.
Market Outlook and Key Levels
Analysts predict that Solana’s price could move toward the $170 to $180 range if it holds above crucial support levels. Others suggest that the most likely short-term scenario is consolidation between $125-$135, a zone where most recent transaction volume has occurred.
Investors and traders are monitoring whether Solana will break essential resistance levels, especially the $144 price level. A breakthrough could lead to further price appreciation, while failure to hold above the $130 support level might trigger downward movement.
Janover has also announced a partnership with crypto exchange Kraken through a non-binding Letter of Intent. Under this agreement, Kraken will delegate a portion of its existing and future staked SOL to validators operated by Janover.
The partnership follows a recent acquisition of Janover’s majority stocks by former Kraken executives, led by Joseph Onorati and Parker White earlier this month.
As of press time, the price of Solana traded at $134.72, reflecting growing interest in the cryptocurrency as both institutional adoption and ecosystem activity continue to increase.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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