Key indicators suggest a potential breakout as Solana approaches the critical $150 resistance level. Can the bullish momentum push Solana past this mark and trigger a new rally?
With Bitcoin prices fluctuating around the $88,000 level, the altcoin market remains on edge. Amid this uncertainty, Solana continues its steady recovery, eyeing a breakout above $150.
With an intraday gain of 2.21%, Solana trades at $139.58. Will this short-term recovery surpass the $150 supply zone and ignite a significant trend reversal?
Solana Price Analysis Suggests $150 Breakout Rally
On the daily chart, Solana’s price action suggests that the ongoing pullback phase may be nearing its end. The recent recovery from the $105 horizontal support level has led to a breakout above the local resistance trendline.
So far, the recovery has pushed past the 23.60% Fibonacci retracement at $130 and the 50-day EMA at $136.
Currently, the price is slightly above the 50-day EMA, hinting at a potential morning star pattern formation. This represents a successful retest of the dynamic resistance-turned-support level and a possible surge toward the $150 supply zone.
The overhead resistance coincides with the 38.20% Fibonacci retracement level. Meanwhile, the declining 100-day EMA is gradually approaching this critical supply area.
This zone marks a key resistance level for Solana, and a breakout here could trigger a major bull run. The rising daily RSI, which has moved above the midpoint, supports this scenario, suggesting increasing bullish momentum. All signs point to the potential for a strong upward breakout.
The initial price target for this breakout is the 50% Fibonacci retracement, near the 200-day EMA at $163. A sustained rally could push prices even higher, toward the 78.60% Fibonacci level at $215.
Key Developments in Canadian Solana ETFs
Cathie Wood’s ARK Invest made history with its first direct investment in Solana through the Canadian-based Solana Staking ETF, the SOLQ ETF. As a result, ARKW and ARKF have become the first U.S.-listed ETFs to include Solana in their portfolios.
This highlights Cathie Wood’s strong pro-crypto and pro-Solana stance. It also heightens anticipation for a potential Solana ETF listing in U.S. markets.
🚨BREAKING: Cathie Wood’s @ARKInvest makes its first direct @Solana investment via the SOLQ ETF, a Canadian-based SOL staking ETF.
ARKW and ARKF have become the first-ever U.S.-listed ETFs to add Solana to their portfolios. pic.twitter.com/gZaMfwM1NJ
— SolanaFloor (@SolanaFloor) April 21, 2025
Elsewhere, Bloomberg ETF analyst Eric Balchunas noted that 72 crypto-related ETFs are currently awaiting approval from the U.S. Securities and Exchange Commission. These ETFs span a range of cryptocurrencies, including XRP, Litecoin, Solana, and Dogecoin.
The likelihood of these ETFs gaining approval has risen significantly following the appointment of pro-crypto advocate Paul Atkins as chairman of the U.S. SEC.
Whales Acquire Solana Amid Pump.fun’s Supply Dump
Amid Solana’s ongoing recovery, significant on-chain activity has pointed to renewed interest from large investors. Galaxy Digital, in particular, appears to be doubling down on its Solana position, having recently sold off Ethereum holdings to do so.
Over the past two weeks, Galaxy Digital has deposited 65,600 ETH (worth $105 million) to Binance and withdrawn 752,240 SOL tokens valued at approximately $98.37 million in return.
It seems that Galaxy Digital is selling $ETH and buying $SOL!
In the past 2 weeks, Galaxy Digital deposited 65,600 $ETH($105.48M) to #Binance and withdrew 752,240 $SOL($98.37M) from #Binance.https://t.co/lD8tgkC4Py pic.twitter.com/olcPWNnGq2
— Lookonchain (@lookonchain) April 22, 2025
Additionally, a well-known crypto whale who previously sold Solana between April 9 and April 13 has re-entered the market. During the selling period, the whale offloaded 451,594 SOL (worth $51.86 million USDC). However, the same entity recently purchased 374,161 SOL from Binance, worth $52.78 million, re-entering the market at $141 in a bold move that defies the usual “buy low, sell high” strategy.
A whale withdrew 374,161 $SOL($52.78M) from #Binance at $141 one hour ago.
Interestingly, this whale sold 451,594 $SOL for 51.86M $USDC at $115 between Apr 9 and Apr 13.
Selling low and buying high? Bold strategy.https://t.co/gVEoLdKX5j pic.twitter.com/SP3gbg31WN
— Lookonchain (@lookonchain) April 21, 2025
Meanwhile, Pump.fun continues to release large volumes of Solana into the market. In the past 24 hours alone, it has deposited nearly 96,000 SOL tokens (worth $13.34 million). This brings its total sales for 2025 to 1.818 million SOL, valued at approximately $324.06 million.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
