Saad Ullah
SOL jumped to $191 after $11M in short positions got wiped out and institutional funds added $39M, showing renewed confidence in the blockchain.
Solana (SOL) had a pretty solid Monday, climbing to $191.56 as bears got caught with their pants down and institutional money started flowing back in. The token surged 6.55% in 24 hours according to CoinDesk Data, backed by some serious buying pressure from multiple angles.
The rally got a major boost when over $11 million in SOL shorts got liquidated, per SolanaFloor data. The biggest single liquidation hit at $188 for $1.13 million, which shows just how many traders were betting against SOL and got burned when it started moving up. Nothing like a good short squeeze to fuel a rally.
SOL Price Gets Institutional Backing
What's really interesting is the institutional side of things. CoinShares dropped their weekly report Monday showing Solana products pulled in $39 million for the week ending July 19. That's real money from serious players, not just retail FOMO buying the top.
Crypto trader DonAlt chimed in on X, saying he still likes Ethereum better but admitted SOL's setup looks pretty decent. He noted that "if this resistance goes I think it'll not stop at prior ATH," which basically means if SOL breaks through here, it could run hard toward its old highs.
SOL Technical Breakdown Shows Strong Momentum
Looking at the charts, SOL moved from $180.77 to $189.82 between July 20-21, a solid 5.01% gain. The trading range hit $178.08 to $190.77, giving traders a 6.65% spread to work with.
Key support held at $178.30 with heavy buying around 22:00 UTC on July 20 when volume spiked to 2.27 million. The real action happened when SOL broke through resistance at $183.20 early July 21, with volume staying above the 24-hour average of 1.29 million.
In the final hour (07:09–08:08 UTC on July 21), SOL pushed from $189.26 to $189.70, hitting a peak of $190.77 at 07:48. Volume topped 65,000 during the 07:37–07:48 rally before some profit-taking kicked in. Classic pattern of strong volume on the way up, lighter volume on any pullbacks.
Saad Ullah
