$SOL
The broader cryptocurrency market rose by 5.3% after Bitcoin regained $105,000, with alternative coins like SOL (7.8%), SEI (43%), and SUI (15%) leading the gains. SOL's trading volume over the past 24 hours increased by 37.7% to reach $5.78 billion, indicating organic demand rather than isolated speculation. This aligns with the rise in the Fear and Greed Index from 37 (Fear) to 47 (Neutral) over 24 hours (alternative coins joined the upward trend).
●▪︎ Supporting Factors
1- Corporate Treasury Movements: Aurora Mobile's allocation of $19.4 million in cryptocurrencies included SOL, reinforcing its position as a leading alternative coin (Aurora Mobile).
2- Institutional Infrastructure: The Byreal trading platform based on Solana (set to launch on June 30) and the expansion of DeFi Dev Corp's treasury with a value of $1 billion indicate the entrenchment of institutions (Byreal's debut).
●▪︎ Technical Context
While SOL is still 15% below its 50-day simple moving average ($160), the price has regained the psychological level of $140. The 24-hour surge saw liquidations of $12.6 million (63% of which were short sell liquidations), indicating a contraction of bearish positions. The Relative Strength Index (45-49) shows room for upward movement before reaching overbought conditions.