Solana (SOL) is moving upwards from the support zone near $202 and is now aiming to overcome a significant resistance level at $205, creating debates among analysts.
Price Reacts from Key Support Zone
Solana (SOL) is witnessing significant growth from the range of $202–$204 after testing a well-known demand zone. This came after a drop from the level of $211–$213, where the price was repeatedly rejected. Crypto analyst Batman remarked:
> "Boom! $SOL just followed my roadmap perfectly. It’s about as clean as it gets."
Support at $205
On the weekly chart, the $205 level continues to remain a key area. It has acted as resistance since late 2021. SOL has tested it many times but has not closed above it for a long period. Analyst Altcoin Sherpa noted:
> "$SOL this $205 region has been hard to break for years."
Institutional Buying Adds Volume
This week, Solana also saw active buying. DeFi Development Corp confirmed a new purchase of 196,141 SOL at an average price of $202.76, amounting to $39.76 million. The company now holds 2 million SOL and plans to stake the tokens for yield.
Solana displays interesting movements in the market, rebounding from support and facing resistance at $205. At the same time, institutional purchases emphasize the growing interest in SOL for the long term.
