Solana Price Hits $144 with 3.2% Gain After Sol Strategies Inflows

On June 27, the price of Solana (SOL) reached $144, up by 3.2% within 24 hours following a new investment announcement from Sol Strategies. However, technical indicators show SOL is in bearish territory with significant resistance at $160 due to a Death Cross pattern.

Key points include:

  • Sol Strategies acquired 52,181 JTO tokens from Jito, boosting Solana ecosystem confidence.
  • The firm aims to raise up to $1 billion to create a Solana-focused reserve.
  • Despite the gains, SOL's price remains constrained below $145, indicating limited upside potential.
  • Trading volume was low, with only 1.74 million SOL traded in the last 24 hours.
  • A Death Cross near $160 indicates bearish momentum; support is strong around $125.
  • The Relative Strength Index (RSI) is at 44.78, signaling neutral to bearish conditions.
  • Emerging projects like Snorter, a meme-powered trading bot on Solana, are gaining attention with over $1.3 million raised in presale.

Overall, while there are positive developments within the Solana ecosystem, the short-term outlook for SOL remains challenging due to technical signals and low trading volumes.