- The overall cash inflows to Solana DeFi products have gradually grown in the past few weeks.
- SOL price has consolidated between $123 and $134 in the past three weeks amid a growing bullish outlook.
The wider altcoin market, led by Solana (SOL), continued with horizontal consolidation akin to Bitcoin (BTC) on Thursday, during the early North American trading session. The rising confidence in the Gold market, amid palpable fears of the U.S. stock market, has helped the wider crypto market gain significant bullish sentiment.
Solana Gets Needed Support from Coinbase and Robinhood
The Solana network received much-needed support from Robinhood Markets Inc. (NASDAQ: HOOD) and Coinbase Global Inc. (NASDAQ: COIN). In a bid to attract mainstream Solana users from DeFi projects, such as Raydium DEX, both Robinhood and Coinbase announced initiatives to incentivize.
On Thursday, Coinbase upgraded its Solana infrastructure to enable 5x faster block processing, 4x better RPC performance, and enhanced reliability for a smoother user experience.
Meanwhile, Robinhood announced a no-network fee for several Solana transactions until June 9, 2025.
Bullish Momentum on the Rise
After recording an impressive rally in the past two years, heavily influenced by mainstream adoption of its memecoins, SOL price has significantly convinced more investors of its long-term growth prospects.
According to market data from Binance, more than 71 percent of traders on the crypto exchange with open SOL positions are betting on an imminent bullish breakout.
Midterm Targets for SOL Price
In the weekly timeframe, Solana price has respected a rising logarithmic trend established since January 2023, thus signaling bullish sentiment. Most importantly, SOL price, against the U.S. dollar, has consistently closed above $126 in the past two weeks, amid ongoing trade war negotiations.
In the four-hour timeframe, SOL price has already broken out of several falling logarithmic trends established by YTD.
In the 1-hour time frame, SOL price has been forming a potential bearish sentiment, characterized by a major resistance level above $134 coupled with a bearish divergence of the Relative Strength Index (RSI). As a result, the SOL price may retest the support level around $123 before continuing with bullish sentiment towards its all-time high.
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