TLDR
- Solana's market value has successfully surpassed key resistance barriers, maintaining a steady price around $142, which is up by 7% this week.
- On the Solana platform, BlackRock has initiated its BUIDL fund, and meanwhile, Fidelity has lodged a request for a Solana spot ETF.
- In just a few days from March 20 to 23, Solana's network experienced a remarkable surge as active wallets jumped dramatically from 1 million to 3 million.
- Solana's Total Value Locked (TVL) currently stands at an impressive $6.85 billion, underscoring a renewed wave of user interest.
- An important threshold at $150 serves as a key resistance level for Solana, opening the potential path to $170.
Trading around $142, Solana has bounced back by nearly 7% this week. This upward tick has caught the attention of the market as it managed to overcome crucial resistance, igniting conversations about what lies ahead.
As of a recent announcement, Solana has welcomed the BlackRock USD Institutional Digital Liquidity Fund (BUIDL), a tokenized money market fund with over $1.7 billion in assets, marking a major achievement in institutional engagement for the network.
Securitize, a leader in blockchain-based tokenization with partners like BlackRock, KKR, and Hamilton Lane, praised Solana for its high throughput, economical transaction costs, and scalability, calling it a perfect match for institutional-grade Real World Assets (RWAs).
During the same timeframe, Fidelity Investments put forward a request to the Securities and Exchange Commission for a Solana spot ETF, facilitated by a 19b-4 filing via Cboe Global Markets.
The filing by Fidelity follows the setup of a Delaware Trust entity specifically for a Solana fund, though an S-1 filing is still awaited for this security to bring it to the public stock exchange.
Technical Analysis
Crypto analyst Crypto Rand pointed out that Solana has indicated an upward reversal pattern by surpassing a downward trend line, with lower levels displaying strong buying momentum after bouncing back sharply from the $120-$130 zone of support.
Should the breakout maintain, there lies a chance to challenge the $160 resistance level next. However, if Solana doesn't stay above $137, it might again fall toward supporting areas.
Another market analyst, WizCat, observed SOL's trading within narrow boundaries, suggesting this phase represents a strategic entry by the 'smart money' during stagnant times. He also noted increased network activity, which he sees as encouraging.
Solana's blockchain recently saw a significant leap in activity, with active wallets climbing from 1 million to 3 million between the dates of March 20 and March 23, indicating heightened interest in its ecosystem.
$SOL has been moving in very tight trading bands for several weeks.
Typically, in a bullish market, smart money will start accumulating during these times.
Now that $SOL Having crossed above $137, this could ignite the next major move. pic.twitter.com/t8LEgmbJc5
— WizCat (@cryptoWizCat) March 24, 2025
Solana's growing interest can also be seen in its total value locked (TVL), which was previously at $6.72 billion on March 10, increased to $7.09 billion by March 20, and then balanced out at $6.85 billion on March 24, according to DefiLlama.
The adoption of Polymarket, a decentralized prediction market, is seen as a positive step for Solana. Polymarket's recent announcement allowing SOL deposits broadens the token's use.
Following Polymarket's statement, Solana's price surged by nearly 7%, reaching $140 before stabilizing. By permitting SOL transactions, the market draws new users and bolsters platform engagement. Solana ecosystem.
Significant accumulations by whales have been evident, with large holders increasing to at least 5,031 from 5,008 over the past week, albeit remaining below the earlier March figures.
For Solana To target higher prices like $170, Solana must first surpass the $150 resistance. Technical analysis highlights notable bullish energy but also identifies clear resistance at critical points.
The Relative Strength Index (RSI) has recently dropped below 50, pointing to diminishing momentum. The MACD mirrors bearish divergence, proposing possible short-term consolidation preceding any price rallies.
Solana's ability to exceed $150 could drive it towards levels such as $162 and eventually $170. This progression would likely be influenced by further network adoption, optimistic market sentiment, and heightened institutional demand.
If Solana cannot pass the $150 resistance, it might pull back to the supporting territory near $135 or lower. Market-wide corrections, global economic influences, or investor sentiment shifts could also play a role in Solana's immediate pricing behaviour.
