Solana has crossed the $151 mark with strong bullish momentum, following a significant $11.5 million purchase of SOL by DeFi Dev Corp.
With Bitcoin surging to $94,000 amid a fresh bullish trend in the crypto market, Solana has broken past the $150 barrier. It currently trades at $151, with an intraday gain of 1.65%.
This follows a nearly 9% rally yesterday and confirms a breakout from a previous resistance zone. The question now is: can this breakout fuel a rally toward the psychological $200 mark?
Solana Price Breaks Past Key Supply Zone Near $150
On the daily chart, Solana’s price action shows a bullish breakout from a long-standing resistance trendline, gaining momentum. The sudden shift has pushed Solana above the 38.20% Fibonacci level at $149.20.
Additionally, the recovery has triggered a reversal in the SuperTrend indicator, signaling the beginning of a new bullish phase. The breakout above this critical resistance, aligned with the 38.20% Fibonacci retracement, increases the probability of a strong bullish continuation.
According to Fibonacci projections, the next resistance lies at the 50% level, around $166. Notably, the rally is expected to continue, as the daily RSI line approaches the overbought territory.
In this scenario, the extended price targets for Solana are the 61.80% level at $184 and the 78.60% level at $215. On the downside, key support now stands at $150—previously a resistance zone—followed by the $130 level.
DeFi Development Corp Expands Its SOL Holdings
DeFi Development Corp recently acquired 88,164 SOL tokens, valued at $11.5 million. This strong show of confidence is reinforcing bullish sentiment around Solana.
Currently, DeFi Dev Corp holds approximately 251,842 SOL tokens, valued at over $34 million, including staking rewards.
🚨BREAKING: @defidevcorp Janover (NASDAQ: JNVR) has acquired an additional ~88,164 $SOL for approximately $11.5 million as part of its crypto treasury strategy.
Total holdings now stand at ~251,842 $SOL, worth over $34 million (including staking rewards). pic.twitter.com/VwK2RufLpO
— SolanaFloor (@SolanaFloor) April 22, 2025
Veteran Chart Analyst Identifies Key Pattern Breakout
Supporting the bullish outlook, veteran chart analyst Peter Brandt has identified a breakout in the Solana-Ethereum trading pair. He points to a classic cup-and-handle pattern, triggered as Solana surpassed 0.08543 ETH.
Brandt’s projected targets are 0.1100 ETH and 0.2098 ETH. As Solana gains strength relative to Ethereum, the SOL-USDT pair could experience further upside.
This C&H is still playing out, by the way.
SOL has lots of room to gain on its invalid cousin, $ETH pic.twitter.com/DdguqcNfIl— Peter Brandt (@PeterLBrandt) April 22, 2025
Bullish Sentiment Rises in Solana Derivatives Market
In the past 48 hours, long positions in Solana derivatives have surged. The long position ratio has climbed to 51.6%, up from 49.25%.
Solana LongShort Ratio Chart
This has pushed the long-to-short ratio to 1.0661. The short-term recovery in long positions is helping to level the playing field, indicating a gradual shift in market sentiment.
Currently, Solana’s Open Interest stands at $5.76 billion, reflecting a 10.27% increase. With rising open interest in long positions, the derivatives market is anticipating a sustained rally in SOL prices.
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