- Solana slips under $200 but remains in bullish structure with $211 resistance key to the next leg higher.
- Galaxy Digital, Jump Crypto, and Multicoin Capital aim to raise $1B for a Solana corporate treasury.
- Spot buyers and institutions lean bullish, though futures data shows mixed trader sentiment.
Solana’s price action has been choppy this week, dipping just under $200 after a broader market selloff, but momentum is far from gone. Big-name firms—Galaxy Digital, Multicoin Capital, and Jump Crypto—are reportedly raising a staggering $1 billion to establish a Solana corporate treasury, a move that could cement institutional confidence in the blockchain.
Analysts Keep Bullish Outlook
Despite the 3% pullback, analysts like Ali Martinez are sticking with their bullish tone. He noted that $211 is the resistance traders need to clear, with a push above it possibly sending SOL to $222 quickly. On the downside, $200 remains critical support, while dips near $195 sit in what he called a Fibonacci “golden zone.” Whales have been scooping up long positions under $200, banking on a rebound toward $300 and even $360 if momentum builds.
Institutions Double Down on Solana
The billion-dollar treasury plan—led by Mike Novogratz’s Galaxy Digital, Jump Crypto, and Multicoin Capital—would be the largest Solana-focused reserve so far. Cantor Fitzgerald is serving as lead banker, with the Solana Foundation giving its stamp of approval. Completion is targeted for September, adding to the bullish institutional wave already lifting SOL.
Sharps Technology also made headlines with its $400M private placement for a Solana treasury, alongside a deal to buy $50M in SOL directly from the Solana Foundation. Other firms like DeFi Development and Sol Strategies have followed with their own allocations, signaling a broader corporate trend of holding Solana as a strategic reserve.
Price Action and Market Sentiment
At the time of writing, SOL was trading near $198 after sliding 3% in 24 hours, though it’s still up 8% on the week. The token saw a daily low of $195.39 and a high of $213.02. Trading volume jumped 88% in the last 24 hours, suggesting fresh demand is coming in.
Technically, SOL remains above its 50-SMA, 100-SMA, and 200-SMA, while the RSI sits at 56—firmly in bullish territory. A golden cross on the daily chart adds another layer of optimism for those eyeing a breakout.
That said, derivatives traders are showing some hesitation. CoinGlass data shows open interest in SOL futures dropped 2% to $12.48B, with CME and Binance positions falling 4% and 7%. The mixed sentiment hints that while spot buyers and institutions lean bullish, leveraged traders are hedging their bets.
