Solana (SOL) extended its bullish streak Monday, climbing to $191.56 after a wave of short liquidations and fresh capital inflows into institutional funds. The price jumped 6.55% in the past 24 hours, per CoinDesk Data, supported by multiple on-chain and off-chain signals pointing to rising investor demand.
According to Solana news source SolanaFloor, more than $11 million in short positions were liquidated as SOL surged through the $190 level. The largest single liquidation occurred at $188 and totaled $1.13 million, suggesting aggressive bearish positioning was caught off guard by the move upward.
Momentum also appears to be supported by institutional participation. CoinShares’ latest Digital Asset Fund Flows Weekly Report, released Monday, showed Solana products attracted $39 million in inflows for the week ending July 19.
Crypto trader DonAlt, posting Monday on X, said he still prefers Ethereum but acknowledged Solana’s potential breakout setup, noting that “if this resistance goes I think it’ll not stop at prior ATH.” His chart suggested a bullish bias contingent on SOL maintaining momentum above current levels.
Technical Analysis Highlights
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From July 20 09:00 UTC to July 21 08:00 UTC, SOL rose 5.01%, moving from $180.77 to $189.82, according to CoinDesk Research’s technical analysis data.
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Trading range spanned $178.08 to $190.77, a 6.65% spread.
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Key support formed at $178.30 with strong buying at 22:00 UTC on July 20 as volume spiked to 2.27 million.
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Resistance at $183.20 was broken early July 21 with persistent volume above the 24H average (1.29M).
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In the final hour (July 21 07:09–08:08 UTC), SOL moved from $189.26 to $189.70, peaking at $190.77 at 07:48.V
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olume topped 65,000 during the 07:37–07:48 UTC rally, followed by light profit-taking into the close.
Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy.
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