Solana Price Prediction: Can Bulls Push SOL To $260 Mark

Key Insights

• Taurus’s Solana integration could fuel growing investor confidence in the ecosystem.
• Solana price stalls close to the $200 zone and stays firmly above the 200-day EMA mark.

Solana price held firmly above the $190 support zone and maintained gains close to the 200-day EMA mark. The integration of Solana by Taurus, backed by Deutsche Bank’s funding, strengthens the ecosystem given the announcement made through a recent tweet.

At press time, SOL price was trading at $196, noting a rise of over 0.20%, witnessing flat movements during the intraday session. Its market cap stood at $95.89 Billion, ranked 5th in the overall crypto market.

Solana Price Gains Strength as Institutional Backing Rises

Solana’s collaboration with Taurus, an institutional-grade custody and tokenization platform backed by Deutsche Bank, creates a positive trend for Solana price.

Through this partnership, institutional firms gain entry to operate within the Solana ecosystem. That essentially boosts Solana’s credibility.

Users can maintain secure token storage through Taurus while using SOL-native assets for staking. Through the provided infrastructure, Solana will better serve institutions that create consistent demand for Solana crypto.

SOL’s Path to $260 Looks Clear: Analyst Suggests

A recent post on X by Ali_Charts revealed that Solana price has been trading within a rising channel for the past few months. As per the analyst, SOL has maintained the pace above the demand zone of $190.

https://twitter.com/ali_charts/status/1890275780371849705

So, if the altcoin regains bullish momentum, it could see an upswing toward the $225. In case of holding above the $225 move, it could further ascend its rally to the $260 resistance zone.

Similarly, World of Charts tweeted that Solana price was testing resistance around the $200 mark. In case of an upward move above the barrier, SOL can move toward the $240-$250 mark in the coming sessions.

Furthermore, massive whale movements were spotted in the last 24 hours. A whale transferred 547,362 SOL tokens worth $108.4 million from an unknown wallet to an unknown wallet.

https://twitter.com/whale_alert/status/1890328585522565458

This significant large transfer indicates that something is brewing in the market. Moreover, Smart Money were repositioning themselves before the big move.

Solana Price Prediction: Can Bulls Push Past the $200 Hurdle?

On the daily timeframe, Solana price was consolidating around the $200 resistance zone. It seems to be preparing for a breakout move. Following the significant price correction, it secured the 200-day EMA mark and stayed above it.

The Relative Strength Index (RSI) was at 41 and on the edge of witnessing a positive crossover. Moreover, the On-Balance Volume (OBV) was rising representing heightened accumulation among the market participants.

Going forward, the Open Interest (OI) shed over 3.72% to $5.15 Billion, revealing a short covering move in the past 24 hours. The OI-weighted funding rate stayed positive at 0.0052% and conveyed significant demand for the long contracts. The immediate support zones were $190 and $180, whereas the resistance zones were $220 and $230.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.