Solana gains momentum post-FOMC as traders go long, with prices eyeing the $164–$200 range. Can the rally hold above $150?
The bullish trend in the crypto market continues following the FOMC meeting, which decided to keep federal rates steady. Amid this bullish turnaround, Solana, one of the top-ranking altcoins, has surpassed the $150 milestone.
Fueled by an intraday recovery of 2.11%, Solana now hints at a potential move toward the $164 level. Will this renewed rally in Solana sustain its dominance above the $150 psychological threshold?
Solana Price Analysis
Solana has bounced off the 23.60% Fibonacci level at $141.95. Overlapping this Fibonacci level is a crucial demand zone between $142 and $144.
As Solana maintains strength above the recently flipped resistance-turned-support zone, the recovery rally has reclaimed the $150 level. Moreover, the sideways movement over the past two weeks above $142 now suggests a potential double-bottom reversal.
This bullish pattern could extend the falling wedge breakout rally observed in mid-April.
The daily RSI line remains above the midpoint and has crossed the 14-day SMA, supporting the upside potential. Additionally, the Chaikin Money Flow Index is positive at 0.06, highlighting favorable money flow. Thus, technical indicators bolster the likelihood of a prolonged bull run in Solana.
The 38.20% Fibonacci level projects immediate resistance at $164.77. However, based on the falling wedge breakout, the upswing will likely continue toward the pattern’s apex.
This apex coincides with the 61.80% Fibonacci level near the $200 psychological mark, suggesting a short-term upside potential of 35%.
On the flip side, a potential breakdown below the 23.60% Fibonacci level could drive the price down toward the $100 psychological support.
Binance Accounts Anticipate Massive Surge in Solana
With Solana’s rising price, Binance traders remain highly optimistic about the altcoin. According to data from Coinglass, Solana derivative traders on Binance now hold a long-to-short account ratio of 1.69, indicating strong bullish sentiment.
Long positions have increased to 62.78%, dominating market sentiment. Additionally, Solana’s open interest has surged by 4%, reaching $5.65 billion.
Currently, the funding rate stands at 0.0053%, further underscoring the potential for a leverage-driven rally in Solana.
DeFi Development Corporation Announces 7-for-1 Stock Split
DeFi Development Corp., formerly Janover Inc., has approved a 7-for-1 forward stock split of its common shares, effective May 20, 2025. Shareholders of record as of May 19 will receive six additional shares for every one held.
The company, positioned as a leading public-market vehicle for Solana (SOL) accumulation, stated the split aims to enhance liquidity and broaden investor access as it continues executing its SOL-focused treasury strategy.
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