Solana Price Consolidates as Coinbase, Robinhood Boost Network

The Solana network has recently received significant support from major players in the cryptocurrency industry, namely robinhood markets Inc. and coinbase global Inc. This backing has contributed to a growing bullish outlook for the Solana (SOL) price, which has been consolidating between $123 and $134 over the past three weeks. The overall cash inflows to Solana DeFi products have also been gradually increasing, further bolstering the network's momentum.

Coinbase has upgraded its Solana infrastructure to enhance block processing speed, rpc performance, and overall reliability. This move aims to provide a smoother user experience and attract more mainstream users from DeFi projects like Raydium DEX. Meanwhile, Robinhood has announced a no-network fee for several Solana transactions until June 9, 2025, which includes up to 10 transfers a month on the Robinhood app and up to 5 transfers a month using Robinhood Connect. These initiatives are designed to incentivize users and foster greater adoption of the Solana network.

The wider altcoin market, led by Solana, has been experiencing horizontal consolidation similar to Bitcoin. This trend has been driven by rising confidence in the gold market amidst fears surrounding the U.S. stock market. The bullish sentiment in the crypto market has been further fueled by the growing mainstream adoption of Solana's memecoins, which has convinced more investors of its long-term growth prospects. According to market data from Binance, more than 71 percent of traders with open SOL positions are betting on an imminent bullish breakout.

In the weekly timeframe, the Solana price has respected a rising logarithmic trend established since January 2023, indicating bullish sentiment. The price has consistently closed above $126 in the past two weeks, despite ongoing trade war negotiations. In the four-hour timeframe, the SOL price has broken out of several falling logarithmic trends established year-to-date. However, in the one-hour timeframe, the price has been forming a potential bearish sentiment, characterized by a major resistance level above $134 and a bearish divergence of the Relative Strength Index (RSI). As a result, the SOL price may retest the support level around $123 before continuing its bullish momentum towards its all-time high.