What to know:
- Solana price climbed above the 50-day moving average after the Spiko announcement.
- Technical indicators suggest bullish momentum, with $94 emerging as the next key resistance.
- Rising open interest and stable DeFi activity support improving market sentiment.
Following the announcement of a new institutional-backed fund platform, Solana price has seen renewed interest. As a result, technical indicators suggest bulls are making an attempt to retake control of the market. At press time, Solana (SOL) trading at $80.88, with an increase of 4.42% over the past 24 hours.
Also Read: Solana Price Eyes $450 as Bullish Breakout Looms Amid Record On-Chain Activity
Solana Price Gains Support From Spiko’s Institutional Expansion
The initial boost to Solana’s price followed the launch of tokenized money market funds via Spiko on the Solana blockchain. This development is considered a positive step toward institutional adoption and real-world asset (RWA) tokenization.
In addition to providing potential returns for investors, the new tokenization feature may expand access to the wider array of use cases currently available through blockchain technology.
“BREAKING: Spiko is live on Solana. One of the fastest-growing tokenized funds in history, managed by Amundi, Europe’s largest asset manager (€2.4T AUM).”
Also Read: Solana Price Prediction: Can Open USD Help SOL Reclaim $80 in July?
Solana Price Breaks Above Key Technical Support
As of press time, Solana (SOL) was trading at roughly $80.88, up over 4% in the last 24 hours. SOL’s ability to close above its 50-day moving average of $75.85 establishes this level as a new, immediate support zone.
Bullish momentum is also evident in the Relative Strength Index (RSI), which is currently at 63.8; however, the price has not yet entered the overbought territory. The next major challenge lies at the 200-day moving average of $94.07. If SOL breaks above this level, it could strengthen the ongoing recovery.
Also Read: Solana Price Eyes $100 as Technical Breakout Strengthens Bullish Outlook
Market Sentiment Provides Positive Signals for Recovery
The improving technical picture for SOL is being confirmed by broader market indicators as well. Open interest has increased over the same time period that the price has risen, according to CoinGlass, suggesting that fresh capital is entering the futures market rather than the rally being driven solely by spot buying.
Additionally, a recent increase in liquidations of short positions indicates that traders betting against SOL were forced to close their positions as the price moved higher.
On-chain metrics from DeFiLlama show that activity on the Solana network remains stable, if not growing, as total value locked has remained around $4.8 billion.
Meanwhile, recent days have seen an increase in active addresses and net inflows. Together, these metrics suggest steady network activity alongside the recent price recovery, providing additional support for the current bullish sentiment.
What Investors Should Watch Next
The current Solana price is approaching one of its most critical technical tests near $94, where the 200-day moving average could determine the next directional move.
If Solana can stay above $75.85, it would help maintain the current bullish structure. However, should the price break below that support level, it could trigger a retest of lower levels.
While technical and on-chain data have improved in recent days, investors will still be looking for continued buying momentum before they can confirm that a sustained trend reversal is underway.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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