Solana has crossed the $151 mark with strong bullish momentum, following a significant $11.5 million purchase of SOL by DeFi Dev Corp.
With Bitcoin surging to $94,000 amid a fresh bullish trend in the crypto market, Solana has broken past the $150 barrier. It currently trades at $151, with an intraday gain of 1.65%.
This follows a nearly 9% rally yesterday and confirms a breakout from a previous resistance zone. The question now is: can this breakout fuel a rally toward the psychological $200 mark?
Solana Price Breaks Past Key Supply Zone Near $150
On the daily chart, Solana’s price action shows a bullish breakout from a long-standing resistance trendline, gaining momentum. The sudden shift has pushed Solana above the 38.20% Fibonacci level at $149.20.
Additionally, the recovery has triggered a reversal in the SuperTrend indicator, signaling the beginning of a new bullish phase. The breakout above this critical resistance, aligned with the 38.20% Fibonacci retracement, increases the probability of a strong bullish continuation.
According to Fibonacci projections, the next resistance lies at the 50% level, around $166. Notably, the rally is expected to continue, as the daily RSI line approaches the overbought territory.
In this scenario, the extended price targets for Solana are the 61.80% level at $184 and the 78.60% level at $215. On the downside, key support now stands at $150—previously a resistance zone—followed by the $130 level.
DeFi Development Corp Expands Its SOL Holdings
DeFi Development Corp recently acquired 88,164 SOL tokens, valued at $11.5 million. This strong show of confidence is reinforcing bullish sentiment around Solana.
Currently, DeFi Dev Corp holds approximately 251,842 SOL tokens, valued at over $34 million, including staking rewards.
🚨BREAKING: @defidevcorp Janover (NASDAQ: JNVR) has acquired an additional ~88,164 $SOL for approximately $11.5 million as part of its crypto treasury strategy.
Total holdings now stand at ~251,842 $SOL, worth over $34 million (including staking rewards). pic.twitter.com/VwK2RufLpO
— SolanaFloor (@SolanaFloor) April 22, 2025
Veteran Chart Analyst Identifies Key Pattern Breakout
Supporting the bullish outlook, veteran chart analyst Peter Brandt has identified a breakout in the Solana-Ethereum trading pair. He points to a classic cup-and-handle pattern, triggered as Solana surpassed 0.08543 ETH.
Brandt’s projected targets are 0.1100 ETH and 0.2098 ETH. As Solana gains strength relative to Ethereum, the SOL-USDT pair could experience further upside.
This C&H is still playing out, by the way.
SOL has lots of room to gain on its invalid cousin, $ETH pic.twitter.com/DdguqcNfIl— Peter Brandt (@PeterLBrandt) April 22, 2025
Bullish Sentiment Rises in Solana Derivatives Market
In the past 48 hours, long positions in Solana derivatives have surged. The long position ratio has climbed to 51.6%, up from 49.25%.
This has pushed the long-to-short ratio to 1.0661. The short-term recovery in long positions is helping to level the playing field, indicating a gradual shift in market sentiment.
Currently, Solana’s Open Interest stands at $5.76 billion, reflecting a 10.27% increase. With rising open interest in long positions, the derivatives market is anticipating a sustained rally in SOL prices.
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.
