Solana Surges 8.9% in 30 Days, Institutional Investment Drives Bullish Momentum

Solana's price has been showing strong bullish momentum, rebounding from the $120 support level and currently trading above $130. Over the past 30 days, the altcoin has gained 8.9%, including a 6.3% rise in the last week. At the time of reporting, Solana is trading at $140.22, with immediate resistance at $142 and stronger resistance around $145. This upward trend has been driven by various factors, including institutional investment and strategic long-term accumulation.

After plunging to $95.19 on April 7, SOL witnessed a surge in buying pressure. By April 11, the token reclaimed the $120 level, which has since acted as solid support. This price recovery has been underpinned by positive technical signals. Solana is now trading above the 100-day Simple Moving Average (SMA) at $136.85, which has flipped into support. A bullish trendline has also formed on the hourly chart, with an additional support zone around $137–$138.50. On the daily chart, the Relative Strength Index (RSI) is at 58.89—indicative of bullish momentum. The MACD indicator further confirms the upward trend.

Leading the charge in institutional investment is Janover Inc., now known as DeFi Development Corporation, which has added $5 million worth of SOL to its treasury, bringing its total holdings to 83,084 SOL, valued at approximately $9.6 million. This purchase marks Janover’s second major Solana buy and reflects a 109% jump in SOL-per-share value to $6.59. The aggressive accumulation follows an April leadership shake-up, where ex-Kraken executives took over, raised $42 million, and pivoted the firm toward Solana staking and DeFi infrastructure. Janover is not the only institution betting big on Solana. SOL Strategies Inc., a Canada-based crypto investment firm, has also increased its holdings, adding 24,000 SOL to its treasury, now totaling 267,151 SOL, worth over $30 million. Most of these tokens are actively delegated to validator nodes, indicating a long-term commitment to Solana’s proof-of-stake economy.

Whale activity has also been notable, with one long-dormant wallet scooping up 32,000 SOL (about $3.72 million) just before Janover’s announcement. This same address famously bought 30,541 SOL at $216 during the last cycle and never sold, even when prices dropped below $10. This accumulation suggests a strong belief in Solana’s long-term potential. From a technical perspective, Solana remains in bullish territory. After briefly testing resistance at $145, the price has pulled back slightly to $139, but key support at $136–$131 remains intact. The 50-day Exponential Moving Average (EMA) around $131 adds confluence to this zone. Momentum indicators, such as the Moving Average Convergence Divergence (MACD), are still on the bulls’ side, suggesting that buyers are maintaining control. If SOL can break through $145 with conviction, the next upside targets sit at $153 and $161.

Despite the strong recovery, crypto analyst Ali has flagged a short-term bearish signal using the TD Sequential indicator on the 12-hour chart. The indicator has flashed a “sell” signal, suggesting the possibility of a brief pullback before the next leg higher. If SOL dips below the $137 support level, a move down to $132 could follow. However, if bulls manage to push past the $145 resistance and sustain above $150, Solana may target $155 and even $165 in the short term. Experts warn of a potential pullback. Despite the bullish momentum, there is a risk that the price could retrace to key support levels before continuing its upward trajectory. This caution is based on the historical volatility of the cryptocurrency market and the potential for profit-taking by investors.

In summary, Solana’s recent price action and institutional accumulation suggest a strong bullish outlook. However, investors should remain cautious and be prepared for potential pullbacks. The combination of institutional investment, whale activity, and a solid technical setup positions Solana for a potential breakout, but market dynamics and expert warnings should be carefully considered.