Solana Surges 0.672% as Institutional Buying Boosts Network Activity

Solana's latest price was $152.39, up 0.672% in the last 24 hours. The cryptocurrency has been making significant strides in the market, with its network nearing a major milestone of 400 billion total transactions. This surge in activity is driven by increased adoption and innovative applications within the Solana ecosystem. The network's decentralized exchange (DEX) volume reached nearly $16 billion in the last week, highlighting its leadership in the competitive landscape of blockchain networks.

One of the key drivers of Solana's recent momentum is the continued buying spree by DeFi Development Corp, which has added substantial amounts of SOL to its treasury. On April 22, the company added 88,164 SOL tokens, followed by another 65,305 SOL tokens on Thursday. This brought the total holdings to 317,273 SOL, reflecting a significant institutional investment in the network. The market reaction to this institutional investment has been positive, with the Solana network protocols witnessing steady growth in total value locked (TVL) and liquidity over the past month.

The increased demand and investor confidence in Solana have led to a bullish market structure break, with the network's protocols showing heightened buying pressure. The bullish RSI and OBV indicators further reinforce the positive outlook for Solana, suggesting that there are few obstacles in the path upward for the network. The liquidation heatmap shows that the $155-$160 region is the next immediate liquidity pocket that Solana would be attracted to, with the $168 region being another nearby magnetic zone. Beneath the market price, the liquidation levels clustered around $130 and $120 are also notable, although they are smaller than the ones overhead.

The high demand for SOL, combined with the liquidity pockets up above, means a move to $160 and $168 is likely. The short liquidations triggered here could squeeze prices higher and achieve the $176 target. The development promised a Solana rally toward $176, with the network's protocols witnessing steady growth in total value locked (TVL) and liquidity over the past month, reflecting investor confidence.

Solana's ecosystem has witnessed vibrant growth, largely driven by applications like PumpFun, which have swiftly gained traction and profitability. Additionally, core protocols such as Raydium, Meteora, and Jito continue to showcase the network’s utility, generating substantial revenue in transaction fees and bolstering its economic stability. The network's resilience has been evident as it soared by over 1400% since hitting a cycle low of $9.98 at the beginning of January 2023, positioning itself among the market’s top performers.

Looking ahead, if Solana regains the momentum it had at the end of 2023 and throughout early 2024, it could retest its all-time high of $256 and potentially push toward $300 in the first half of 2025. Should the overall crypto market recover in the second half and Solana continue leading in DEX volume and developer activity, the $500 mark becomes a realistic long-term target. However, on the bearish side, a loss of the $147.60 support could open the door for a correction toward $124 or even $112 if the downtrend accelerates.