- The Solana price reached $204, climbing 112% from 2024 lows and breaking resistance with support from technical indicators and ETF inflows.
- Rex Staked SOL ETF surpassed $107 million in assets just three months post-launch, reflecting growing institutional demand for altcoin exposure.
- Altcoin season activity and a booming meme coin market lifted Solana’s total stablecoin supply, address count, and network transaction volume.
Solana continued its upward rally on Tuesday, July 22, reaching $204, marking its strongest level since February 2024. This increase represents a 112% gain from its lowest price point earlier this year. The rally has continued for three straight days, driven by strong investor sentiment and technical indicators.
Golden Cross Pattern Confirms Bullish Momentum
The price movement flipped a key resistance level at $186.90 into support. This shift invalidated the earlier double-top pattern, a historically bearish formation, which had a neckline near $125.90.
Technical data confirms growing strength. The 50-day and 200-day moving averages have crossed, and this indicates a golden cross phenomenon. In the past, this occurrence has been associated with powerful rallies. At its highest point in October 2023, when it appeared last, Solana increased by three times to approximately $300 in only three months.
Strong Indicators Reinforce Uptrend
The Relative Strength Index (RSI) has returned to 82, and this portrays an increased momentum. Also, the MACD (Percentage Price Oscillator) indicator, which is a variation of MACD, crossed the zero line and is one more confirmation of the trend.
Experts are monitoring the next resistance area at $294, the point where the price was observed in January 2024. The support at the golden cross of $160 would help to question the bullish position.
Staked SOL ETF Hits $107 Million in Assets
Solana’s rally comes as the Rex Staked SOL ETF reached $107 million in total assets. The fund, launched just three months ago, continues to attract institutional interest.
The ETF’s growth reflects rising confidence from Wall Street, with betting platform data showing nearly full market expectation for a spot SOL ETF approval by regulators.
Solana is also gaining from broader altcoin market momentum. The altcoin season index has surged as Bitcoin trades within a narrow band. Solana’s meme coin ecosystem has helped fuel this trend, with a combined market cap now exceeding $15 billion.
On-chain activity shows further strength. Stablecoin supply on the network climbed 6.3% over the past month to $11 billion. Meanwhile, the number of unique addresses rose 85% to 3.7 million, and adjusted transaction volumes increased to $132 billion.
