Solana (SOL) moved above $213, crossing resistance levels that had capped its price since February. The token gained over 6% in the past 24 hours and more than 16% across the week. Its market capitalization now stands at $115.2 billion, with daily trading volume near $14 billion.
Data from Santiment shows retail sentiment turning sharply bullish. Positive commentary outweighed negative by 5.8 to 1, the highest ratio in almost three months. While such optimism often supports rallies, heavy retail enthusiasm has also been a signal for market pullbacks in the past.
Analysts at B2BINPAY said Solana’s recovery above $200 was “more than just a speculative pop,” pointing to growth in DeFi use, NFT trading, and GameFi adoption. Network throughput has also risen compared with last month.
Institutional Treasury Moves Back Solana
Large-scale buyers are also building exposure. Sharps Technology announced a $400 million treasury plan with the Solana Foundation, including a $50 million purchase through a private investment in public equity (PIPE) at a 15% discount to Solana’s 30-day average price.
At the same time, major crypto funds are preparing dedicated Solana pools. Galaxy Digital, Multicoin Capital, and Jump Crypto are working on a $1 billion treasury, while Pantera Capital is seeking to convert a Nasdaq-listed company into “Solana Co.” with $500 million allocated initially and $750 million available through warrants. If completed, this would create the largest Solana treasury so far.
Retail Optimism Meets Technical Caution
Price action shows Solana trading within a rising wedge that began in March. The token is testing resistance near $220, an area that has capped rallies several times since June.
Independent trader Jireon warned of possible rejection.
“$SOL i’ve been watching this play out for a while… will be shorting to support on trendline rejection. 1st target – $180, 2nd target – $160,” he posted.
The RSI is at 61.79, pointing to firm momentum but approaching stretched territory. Trading volume has been steady, with no large spikes, suggesting buying strength may be slowing as price reaches resistance.
A confirmed move beyond $220 would break the bearish wedge and remove the barrier to elevated levels. The inability to rally beyond $220 could lead to a retracement in price back to $180 and possibly $160, where important support levels are found.
With retail enthusiasm high and institutional treasuries forming, Solana is entering a critical stage. Whether momentum continues or the wedge forces a correction will depend on how the market reacts in the coming sessions.
