TLDR
- Solana (SOL) is trading at $148.35, up 7.06% in 24 hours with a 17% weekly gain
- ARK Invest purchased $5.2 million in 3iQ Solana Staking ETF (SOLQ), marking its first direct SOL exposure
- Whale activity shows one investor’s holdings now valued at $180 million, up from initial $27 million stake
- Technical indicators suggest bullish short-term momentum despite overbought conditions
- Institutional interest growing with Upexi Inc. raising $100 million for Solana-focused treasury strategy
Solana (SOL) has experienced a strong price rally, currently trading at $148.35 as of April 23, 2025, representing a 7.06% increase in the last 24 hours and an impressive 17% gain over the past week.
Trading volume has climbed to $4.65 billion, up 17.43% from previous levels, showing robust market participation and renewed interest in the high-performance blockchain.
The recent price action comes amid growing institutional adoption and improving network fundamentals that have bolstered investor confidence.
ARK Invest Makes Strategic Solana Move
In a major development for Solana’s institutional credibility, Cathie Wood’s ARK Invest made its first direct exposure to SOL on April 21 through Canada’s 3iQ Solana Staking ETF (SOLQ).
ARK’s ARKW and ARKF ETFs acquired 500,000 SOLQ shares worth approximately $5.2 million, placing Solana alongside major tech holdings like Nvidia and Qualcomm in ARK’s portfolio.
This purchase marks the first time U.S.-listed ETFs have gained Solana exposure, representing a milestone in institutional recognition of the blockchain’s potential.
The SOLQ fund provides institutional investors with the dual benefit of SOL price exposure while earning yield through staking, making it an attractive investment vehicle.
Whale Activity Highlights Market Confidence
Large investor movements have contributed heavily to market interest in Solana. One prominent whale who staked nearly one million SOL in 2021 at $27 per token now holds assets valued at approximately $180 million.
This investor recently unstaked 100,000 SOL worth roughly $14 million and transferred the tokens to Binance, possibly indicating a partial sale.
Earlier in April, four accounts holding $37 million in staked SOL had their assets unlocked, with those tokens now valued at over $206 million.
Solana briefly led Ethereum in staking market cap dominance on April 20, highlighting growing investor optimism while also raising questions about token distribution and centralization.
Beyond ARK Invest, other institutions are showing interest in Solana. Nasdaq-listed company Upexi Inc. raised $100 million to build a Solana-focused treasury strategy, led by GSR.
Following this announcement, Upexi’s stock surged over 630% from $2.33 to $18.30, though it has since retraced by 46% as investors took profits.
Technical Outlook Remains Positive
The price structure for Solana remains bullish according to key technical indicators. The Average Directional Index (ADX) stands at 100, indicating a very strong trend.
The MACD shows a positive divergence, supporting the bullish outlook despite the Relative Strength Index (RSI) reading of 76.32 suggesting overbought conditions.
Volatility is expected to increase, as shown by a 12.61% expansion in the Bollinger Bands.
Key resistance levels to watch include the $147-152 range, while support levels sit at $138 and $132.
Derivatives market data reveals a bullish sentiment with the Long-to-Short Ratio at 1.0096, indicating more traders are betting on price increases.
Open interest in SOL futures is also climbing, primarily driven by long traders, which suggests market expectations for further upside.
For traders looking to enter positions, strategic entries at the $138-141 level during pullbacks are recommended, with an eye toward disciplined risk management.
Looking forward, analysts at Changelly project an average SOL price of $148.66 in 2025, with a tighter range of $136.68 to $144.42 anticipated for April 2025.
The current price chart shows a potential inverted double-bottom pattern forming, which could signal a bullish setup if SOL can reclaim the $144 level and establish a higher high.
This pattern, combined with institutional interest and growing derivatives activity, suggests SOL could be positioned for further gains if the current momentum continues.
With Solana’s reputation for high performance, speed, and scalability, more companies appear to be recognizing its potential in the Web3 space, potentially driving further adoption and price appreciation.
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