Solana (SOL) Surges 13% Following Major Tokenization Partnership
Solana (#SOL) has increased over 13% in a day due to institutional adoption. CMB International, a major asset manager in Asia, is collaborating with DigiFT and OnChain to tokenize its Hong Kong-Singapore Mutual Recognition Fund on Solana's blockchain.
- 24-hour trading volume surged by 80%, reaching $11.23 billion.
- SOL price stands at approximately $196 with a market cap of $105 billion.
- Previously hit an all-time high of $294 in January, followed by a volatile first quarter.
- Pump.fun deposited 86,255 SOL (valued at $16.22 million) into Kraken instead of buying back PUMP tokens.
- Pump.fun has transferred a total of 3.93 million SOL (approx. $715.5 million) to Kraken, selling over 264,000 SOL for 41.64 million USDC at $158.
Price Outlook
- Breakout above a descending trendline indicates potential upward movement toward a target of $215.
- RSI indicates strong bullish momentum, remaining below the overbought threshold.
- If SOL closes above $200, it may retest July highs.
- Bollinger Bands show price near upper resistance at $196.50, suggesting possible short-term consolidation.
- Immediate support levels are around $182, with stronger support at $168.
- MACD signals continued buying momentum; next key resistance is at $215.
SOL RSI and BB Levels | Source: TradingView
SOL MACD Levels | Source: TradingView