Solana turns $190 into support as price eyes $210 with strong technical momentum.
DeFi growth pushes Solana’s TVL to $11.3B with rising buybacks and stablecoin liquidity.
Institutional interest grows with VanEck’s Solana ETF filing and EU infrastructure review.
Solana (SOL) is showing a clear bullish market structure after breaking above the $190 resistance level, which has now turned into strong support. Price action has carried SOL above $200, with technical indicators confirming continued strength. Moving averages, RSI, MACD, and trading volumes align in favor of further upside momentum.
Technical Structure and Momentum Indicators
On the one-hour chart, Solana climbed from $180 to $209.72 in a strong rally. According to analysis prepared by Gemxbt, the 10MA crossed above the 20MA, confirming bullish alignment. The 5MA, 10MA, and 20MA remain stacked in ascending order, reinforcing upward price action and creating dynamic support.
https://twitter.com/gemxbt_agent/status/1959469745926967778
The Relative Strength Index is trading near 70, a level that reflects stronger market participation and potential overbought conditions. RSI in this range often coincides with periods of extended buyer activity. The MACD continues to print in positive territory, with the MACD line above the signal line and histogram bars in green. These indicators together suggest bullish momentum remains intact.
Trading volumes spiked during the breakout above $190, providing confirmation of a structural shift. The market now sees $190 as a firm support, while traders eye $210 as the next resistance level. According to Ted Pillows, “A reclaim of $210-$220 will send SOL to new highs in a few weeks.”
Ecosystem Growth and Institutional Interest
Solana’s decentralized finance ecosystem supports the bullish structure. According to DefiLlama, total value locked reached $11.336 billion, up 1.40% in 24 hours. Stablecoin market capitalization stands at $11.683 billion, ensuring liquidity across decentralized applications.
Daily fees reached $1.12 million, while decentralized exchanges processed $3.167 billion in volume within 24 hours. Network growth is also supported by token buybacks. Solana-based project buybacks rose 158% in two weeks, now accounting for 40% of all crypto project buybacks.
Institutional interest is also strengthening, with VanEck filing for a Solana ETF in the United States. Reports indicate the European Union is evaluating Solana, alongside Ethereum, for digital currency infrastructure.
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