Solana is experiencing another strong rally, with its price currently hovering around $207, marking a 5% increase over the past 24 hours. The market sentiment is bullish, fueled by a technical breakout of the “cup and handle” pattern – a signal historically associated with prolonged upward rallies. Optimism is further boosted by growing interest from major institutions.
Technical signal points to double-digit gains
The breakout occurred after surpassing the key resistance level at $188.50, which now acts as a new support zone. Technical analysis suggests this pattern could push the price up to $300, representing an approximate 59% gain. Since June, Solana has been forming higher lows, indicating sustained buying pressure and a declining supply of SOL on exchanges.
Trading volumes surged during the breakout, adding weight to the bullish scenario. The market is maintaining strong momentum – every dip has been quickly bought up, and buyers remain active. Moving averages also confirm the upward trend.
CMB International brings a breakthrough to Asia’s financial sector
Another growth catalyst is the announcement that CMB International – a major Asian asset manager – has launched the first Hong Kong–Singapore mutual recognition public fund on the Solana blockchain. The project was developed in partnership with DigiFT and OnChain.
This move connects institutional investment products with decentralized infrastructure and, according to analysts, strengthens Solana’s position in traditional financial markets. It could also attract further institutional capital and reduce selling pressure from large holders.
Outlook: $300 within reach
Both technical and fundamental factors now favor the bulls. The historical resistance from late 2023 at $300 is the primary target. While short-term consolidations may occur along the way, the combination of a breakout chart pattern and institutional support suggests that the rally could continue in the coming weeks.
If Solana holds above key support levels, the market could see another significant expansion.
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