Peter Smith
Solana (SOL) smashed through $180 resistance last Friday and is now sitting pretty at $185, with charts showing a potential run to $220.
SOL just did something pretty cool – it finally broke through that annoying $180 resistance that's been holding it back. Now it's hanging out around $185, up 31% for the month, and traders are getting excited about what's next.
At $187.19, SOL's got a $100 billion market cap and is eyeing the next hurdles at $192 and $205. But here's where it gets interesting – if it can push through those levels, analysts think $220 is totally doable.
The timing isn't random either. Solana just upgraded its network on July 22, boosting block capacity by 20% to 60 million compute units. Mert Mumtaz from Helius explained on X that this lets the network handle way more transactions per block. Think of it like adding more lanes to a highway.
Solana (SOL) Gets Institutional Love
Big money is starting to notice SOL in a serious way. DeFi Development Corp (they're Nasdaq-listed) is literally one purchase away from hitting 1 million SOL in their treasury – that's $187 million worth. Bitcoin mining company Bit Mining also announced plans to raise $200-300 million just to build a Solana treasury.
When institutions start hoarding like this, it usually means something's up. Crypto analysts are saying once SOL breaks $200, there's basically a clear path to $250 because most of the heavy resistance sits below that $200 mark.
Solana (SOL) Charts Show Bullish Pattern
Here's where the technical stuff gets fun. SOL's daily chart is showing a textbook inverse head and shoulders pattern – that's trader-speak for "this thing wants to go up." The pattern has all the right pieces, and if SOL can close above the neckline around $200-$205, it could hit that $223 target.
The RSI is at 67.04, which is strong but not too hot (over 70 would be overbought territory). As long as SOL holds above $180 support and eventually breaks through that $200-$205 zone, this setup could deliver some serious gains.
What makes this whole thing exciting is how everything lines up – network upgrades, institutional buying, and solid chart patterns all pointing in the same direction. When fundamentals and technicals agree like this, crypto tends to make some pretty wild moves.
Of course, nothing's guaranteed in crypto. But right now, SOL looks like it's setting up for something special. The question isn't really if it'll move, but how big that move will be.
Peter Smith
