🔥 $SOL Rises — Could the tokens and exchange-traded funds be the ultimate catalyst? 🚀📊
Solana (SOL) records a 12% increase in the last 24 hours, approaching the $200 mark, driven by strong institutional momentum and developments in tokens and exchange-traded funds.
📌 Key fundamental catalysts:
- DDC Company holds over 1.3 million SOL valued at nearly $250 million, generating $63,000 daily from staking rewards.
- Convertible bonds worth $122.5 million from Cantor Fitzgerald supported additional purchases of SOL.
- CMB International tokenized a mutual recognition fund between Hong Kong and Singapore on Solana via DigiFT and OnChain.
- Solana's exchange-traded funds (ETFs) are nearing regulatory approval, amidst a review of over 75 applications from the SEC.
📈 Technical analysis:
- The price broke through resistance levels at $185, $190, and $195.
- Next resistance: $202–205, and if it closes above, we could see a rise towards $220 and then $244–250.
- MACD is positive, and RSI is at 55–58 → upward momentum without overbought conditions.
- Chaikin Money Flow is positive → clear institutional buying pressure.
- Technical support at $186 and $194, and a break below $175 invalidates the bullish pattern.
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