​​Solana Aims For 8-Month High Amid Strong Demand.

(MENAFN- DailyFX (IG)) ​​​Solana aims for 8-month high

​Solana's rally is being fuelled by strong institutional demand, rising on-chain activity, and bullish technical signals. Corporate treasuries now hold more than $1.7 billion worth of SOL, and analysts suggest up to $2.6 billion more could flow in, amplifying buying pressure.

​At the same time, Solana's Total Value Locked has risen by about 15% in the past month, while futures open interest point to further upside. These dynamics are magnified by Solana's smaller market capitalisation compared with Ethereum , making its price more sensitive to new inflows.

​Institutional adoption is also a major driver. A new partnership between the Solana Foundation and R3, involving major banks like HSBC , Bank of America , and Euroclear, positions Solana at the centre of asset tokenization in traditional finance.

​Combined with the broader crypto rally - driven by expectations of supportive US economic data and Federal Reserve rate cuts - these factors have strengthened confidence in SOL's momentum, pushing it toward higher price targets.

​Solana bullish scenario:

​While Solana remains above Friday's intraday low at $201.05, it is likely to try to retest its $206.32 July peak and its $209.88 mid-August high.

​A rise above this week's high at $212.97 would may lead to the August peak at $217.93 being overcome.

​In this scenario the November 2021 peak at $260.05 and the November 2024 high at $264.53 represent possible upside targets ahead of the January high at $295.11.

​Solana bearish scenario:

​Were Solana to fall through Friday's $201.05 intraday low, the early September low at $194.23 may be retested.

​If fallen through, the August-to-September support line at $192.95 may be retested. Further down sits the 25 August low at $185.55.

Source: TradingView Important to know

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