TLDR
- Solana has broken key resistance levels, trading around $139-$142 with a 7% recovery this week
- Total value locked (TVL) stands at $6.85 billion, showing renewed user interest
- BlackRock’s BUIDL fund launched on Solana platform while Fidelity files for spot Solana ETF
- Active wallets increased from 1M to 3M between March 20-23, showing growing ecosystem activity
- Analysts point to bullish sentiment with potential to test $160 if momentum continues
Solana has captured market attention after breaking through important resistance levels. The cryptocurrency is currently trading between $139 and $142, representing a recovery of about 7% so far this week. This price movement has sparked discussions about where SOL might be headed next.
Crypto analysts are noting strong bullish pressure in the market. Many traders expect Solana to push even higher in the coming days. A key factor in this outlook is the break above the downward trend line that Solana had been following.
Trader Crypto Rand pointed out that Solana has formed an upward reversal pattern. This occurred when SOL broke through the downward trend line that had been containing its price. The analyst also noted buying pressure at lower levels, shown by a sharp rebound from the $120-$130 support zone.
$SOL is breaching up the main downtrend resistance, pushing for the bullish reversal 💥
With strong market sentiment back, remember you can get loads more graphs & trading set ups in my discord:https://t.co/HFc6FwVFPX pic.twitter.com/o01gllro3w
— Crypto Rand (@crypto_rand) March 24, 2025
If Solana can sustain this breakout, it may test the next major resistance level at $160. However, failure to maintain levels above $137 could cause a pullback toward support zones. This creates a critical juncture for traders watching SOL’s price action.
Rising Ecosystem Activity
Network activity on Solana has seen a major boost recently. Active wallets rose from 1 million to 3 million between March 20 and March 23. This surge suggests growing attention to the Solana ecosystem.
The increased activity is also reflected in Solana’s total value locked (TVL), which stands at $6.85 billion. This figure had risen to $7.09 billion on March 20 before slightly declining. The overall trend shows renewed user interest in Solana-based applications.
Whale accumulation provides another positive signal for SOL. The number of large holders increased to 5,031 from 5,008 in the past week. While this is still below early March levels, it indicates continuing institutional and large investor interest.
The integration of Polymarket, a decentralized prediction market, has also benefited Solana. Polymarket recently announced that users can now deposit funds using SOL. This news helped push Solana’s price up by nearly 7%, touching $140 before leveling off.
By enabling SOL transactions, Polymarket can attract new users to its platform. This in turn enhances activity within the Solana ecosystem. Such integrations expand the utility and reach of the SOL token.
Institutional Interest Grows
Perhaps the most bullish development for Solana has been the growing institutional interest. BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL) launched on the Solana platform this week. This fund has a total asset value of over $1.7 billion.
Securitize, a blockchain-based tokenization company that partners with BlackRock and other major asset managers, praised Solana’s capabilities. They noted that “Solana’s high throughput, low costs, and scalability make it an ideal blockchain to support institutional-grade RWAs.”
Just in: Blackrock’s BUIDL fund is launching on Solana!@Securitize brings the largest yield-bearing tokenized treasury to Solana 🧵pic.twitter.com/Wda6s4FQ3r
— Solana (@solana) March 25, 2025
This endorsement from major financial players suggests Solana is becoming a preferred platform for institutional products. Such adoption could lead to increased investment and strengthen SOL’s market position in the long term.
Fidelity Investments has filed for a Solana spot ETF with the Securities and Exchange Commission. The filing was submitted through Cboe Global Markets, which uploaded the required 19b-4 form. This move comes shortly after Fidelity registered a Delaware Trust entity for its Solana fund.
While Fidelity has yet to submit an S-1 filing (required for issuing new securities), the ETF filing itself is seen as a positive sign. ETF approval would make it easier for traditional investors to gain exposure to SOL without directly purchasing and storing cryptocurrency.
Speculations about potential ETF approval have fueled interest in Solana. VanEck’s head of digital asset research suggested that the SEC could approve a Solana ETF before the end of 2025. If approved, such an ETF could bring in more institutional money.
Currently, Solana faces competition from other emerging blockchains in the space. However, its performance metrics and growing institutional backing could help it maintain its competitive edge. The cryptocurrency remains positioned as one of the top alternatives to Ethereum.
Stay Ahead of the Market with Benzinga Pro!
Want to trade like a pro? Benzinga Pro gives you the edge you need in today's fast-paced markets. Get real-time news, exclusive insights, and powerful tools trusted by professional traders:
- Breaking market-moving stories before they hit mainstream media
- Live audio squawk for hands-free market updates
- Advanced stock scanner to spot promising trades
- Expert trade ideas and on-demand support
