- Solana’s price surge could lead to a breakout toward $235, fueled by bullish momentum.
- Rising memecoin interest and ETF filings are driving increased Solana network activity.
- BlackRock’s $1.7B Solana fund boosts blockchain’s credibility in traditional finance.
Solana (SOL) is drawing fresh investor interest as it pushes past key resistance levels, eyeing a potential breakout to $235. Recent bullish technical signals, increased onchain activity, and rising excitement in the memecoin space are fueling this renewed momentum.
The upward price movement follows a successful breakout from a falling wedge pattern on March 19, a classic technical formation that often signals trend reversals. With SOL recently bouncing off a local low near $118 and reclaiming the $130 support zone, market sentiment is quickly shifting in favor of the bulls.
Technical Recovery Suggests More Upside
According to crypto analyst UFO Calls, Solana has recovered sharply, with consecutive green candles confirming the reversal. The asset is currently trading near $145.30 and is holding above the critical $130 support.
The formation of a higher low in March adds strength to the bullish outlook. If the price breaks above the $150 barrier, it could pave the way for a surge towards $235, with $270 seen as a longer-term resistance zone. Significantly, the Relative Strength Index (RSI) remains above 50, suggesting strong buying pressure.
$SOL with another day in green.
— Ufo Calls 🛸 (@UfoCalls) March 26, 2025
Solana will be so back soon 🔜 pic.twitter.com/GB5kkY46ZI
Memecoin Craze Spurs Network Activity
Besides technicals, Solana is benefiting from a surge in memecoin interest. On March 24 alone, over 34,000 projects were launched on Pump.fun, a popular platform for meme tokens.
This explosion in grassroots activity is driving increased demand for SOL, as users need it for transaction fees. Consequently, Solana’s onchain metrics have risen, reflecting growing user engagement.
Institutional Interest Heats Up with ETF Filings
Adding fuel to the rally is a wave of institutional interest. The CBOE has filed a 19b-4 form with the U.S. Securities and Exchange Commission (SEC) to list and trade Fidelity’s Spot Solana ETF.
This move signals that major asset managers are positioning for future regulatory approval. Fidelity’s filing follows its registration of the fund in Delaware and aligns with similar filings by VanEck, Grayscale, and Bitwise.
BlackRock Expands to Solana with $1.7B Fund
Moreover, BlackRock has extended its digital finance footprint by launching its tokenized USD Institutional Digital Liquidity Fund (BUIDL) on Solana. The fund, in partnership with Securitize, already holds over $1.7 billion in assets. Its expansion to Solana underscores the blockchain’s growing credibility in traditional finance circles.
Current Market Performance
As of press time, SOL is priced at $143.71, down 1.27% in the past 24 hours but up 12.77% over the past week. With a circulating supply of 510 million tokens, its market capitalization now stands at over $73.4 billion.
