Solana (SOL) Price has gradually followed the tangible rise in Bitcoin (BTC) and Ethereum (ETH) in recent days. The large Cap Altcoin, with a completely diluted appreciation of around $ 89.8 billion and an average trade volume of 24 hours of around $ 8.8 billion, recorded a 17 percent pump last week to trade around $ 173 on Friday 9 May during the later North American trade session.
After the increased volatility, the Solana Liver market recorded a net liquidation of approximately $ 31 million in the last 24 hours. Meanwhile, liquidations of Solana on native Perpetual exchanges reached a peak of more than $ 47 million in the last 24 hours, which increases the chances of a short squeeze.
Solana Network thrives with institutional investors
The Solana Network has put on a considerable influx of institutional investors, led by SOL strategies, in the past quarters. The remarkable growth of Memecoin within the Solana network helped to increase the total value to more than $ 8.7 billion.
As Coinpedia reported, various fund managers try to offer Spot Solana ETFs in the United States. Moreover, the American SEC has accelerated its pro-Crypto attitude under the Donald Trump administration in two months compared to the four-year term of Gary Genler.
MIDTERM target for Sol Price
From a technical point of view, it is now safe to say that Solana Price is under the influence of bullish sentiment. In the 2-hour period, the SOL prize successfully returned from an outbreak of a falling logarithmic trend.
With the 2-hour Time Frame MacD line that the Zero Line and the Relative Strength Index (RSI) exceeded the level of 70 percent, Sol Price now strives for $ 187 and $ 240. The Macro-Bullish posture for SOL price will be fully confirmed as soon as the Altcoin crosses).