Solana price has rallied for two straight weeks and is now hovering at its highest level since February, and technicals suggest that the rally is just getting started.
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Solana rose to $177 on 12 May, up by 85% from its lowest level in April, giving it a market cap of over $90 billion.
The surge has coincided with ongoing gains in the crypto and stock markets. Most importantly, it happened as most Solana meme coins jumped, bringing their market cap from $6 billion in April to $15 billion today.
Some of the top-gaining Solana meme coins have been Dogwifhat dogwifhat
wif
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dogwifhat, Popcat Popcat
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Popcat, Peanut the Squirrel Peanut the Squirrel
pnut
6.54%
Peanut the Squirrel, and Gigachad (GIGA).
This growth has triggered more inflows in decentralized finance protocols in the Solana ecosystem, bringing the total value locked to almost $10 billion.
It has also led to further stablecoin growth on the network, with total funds rising to nearly $14 billion. Higher stablecoin activity is a sign that a crypto network is more active, as these tokens are commonly used to facilitate transactions.
Solana’s price has jumped as volume on its decentralized exchanges (DEXs) continues to rise. It handled transactions worth over $3.4 billion in the last 24 hours, higher than BSC’s $2.65 billion and Ethereum’s $2.1 billion. It processed transactions worth $82 billion in the last 30 days, much higher than Ethereum’s $37 billion.
Solana also has more potential catalysts, including the upcoming SOL ETF approvals and accumulation by Wall Street firms like Janover and Upexi. It will likely benefit further as Bitcoin (BTC) is expected to continue rising in the coming months.
The weekly chart shows that Solana has rallied from last month’s low of $94.50 to $176. It remains slightly below the critical resistance level at $258, which marks the upper boundary of the cup-and-handle pattern that has been forming since November 2021.
Solana has stayed above the 50-week moving average, while both the Relative Strength Index (RSI) and the MACD are pointing upward.
The cup has a depth of about 97%, suggesting a potential price target of $500. This target is derived by projecting the same distance from the top of the cup. A drop below the lower boundary of the handle at $94.50 would invalidate the bullish outlook.
SOL Strategies has announced a new staking partnership with DigitalX Limited, a publicly traded blockchain technology company based in Australia.
Under the agreement, DigitalX will stake its Solana Solana
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Solana holdings through BitGo’s institutional custody platform, using SOL Strategies as its validator partner.
BitGo’s recent integration with SOL Strategies enables institutional clients to access a high-performance, secure validator network with minimal friction.
The partnership represents a key development for both companies. For SOL Strategies, it builds on its recent entry into BitGo’s validator offering, placing the firm among a small group of validators available to institutional clients.
For DigitalX, the move supports its goal of expanding exposure to Solana while maintaining strong security and operational standards.
Institutional appeal
SOL Strategies CEO Leah Wald said the partnership underscores the infrastructure company’s growing institutional appeal. “DigitalX shares our vision for expanding institutional access to the blockchain economy,” Wald said. “Their decision to stake with SOL Strategies further validates the strength and performance of our platform.”
This news comes as Superstate launched Opening Bell, a platform enabling SEC-registered public shares to be issued and traded directly on blockchains, starting with Solana. SOL Strategies became the first company to list its shares through the system, marking a step toward integrating public markets with digital assets.
DigitalX Interim CEO Demetrios Christou described SOL Strategies as a “best-in-class” infrastructure provider, citing its performance and BitGo integration as key selection factors.
Both companies are publicly listed and aim to offer regulated, scalable solutions in the digital asset space.
