Solana (SOL) Price: Institutional Investment Grows as Token Tests $150 Resistance Level

TLDR

• Solana price dipped below $150 after a recent 10% gain, currently trading at $148
• DeFi Dev Corp purchased 65,305 SOL, bringing holdings to 317,273 SOL (~$47.6 million)
• Solana Foundation implemented new validator policy to enhance network decentralization
• Technical analysis shows bullish patterns with potential targets of $176-$180
• Institutional interest growing with Galaxy Digital divesting $106M in ETH to invest in SOL

Solana (SOL) has faced a slight pullback as its price slid below the $150 mark on Thursday, April 24, 2025, following an impressive rally that saw the cryptocurrency climb by over 10% in less than a week. Despite this temporary setback, growing institutional interest and bullish technical patterns suggest SOL could be poised for further gains in the near term.

The cryptocurrency is currently trading at $148, retreating from Wednesday’s peak of $154. This pullback occurs amid broader crypto market fluctuations, though overall sentiment remains positive.

Solana Price on CoinGecko

DeFi Development Corporation (DeFi Dev Corp) announced a purchase of approximately 65,305 SOL on Thursday, valued at around $9.8 million. This acquisition brings the company’s total Solana holdings to 317,273 SOL, worth approximately $47.6 million when including staking rewards.

According to the company’s press release, a portion of the purchased Solana includes staked SOL sourced through BitGo’s over-the-counter (OTC) desk. DeFi Dev Corp plans to lock these tokens to generate native yield.

Joseph Onorati, CEO of DeFi Dev Corp, explained the strategy behind the purchase:

“By gaining access to locked discounted inventory through a trusted partner like BitGo, we’re able to accumulate some of our SOL below market prices while deepening our alignment with the Solana ecosystem.”

Institutional Adoption Accelerates

This purchase is part of a growing trend of institutional interest in Solana. Galaxy Digital recently adjusted its portfolio by divesting $106 million in Ethereum (ETH) and reinvesting it in Solana.

In another major development, SOL Strategies completed a $500 million convertible notes issuance agreement with ATW Partners this week. The investment entity focuses on acquiring and staking SOL through the firm’s validator operations.

Cathie Wood’s ARK Invest made its first direct investment in SOL on April 21, 2025, adding further credibility to the asset and contributing to price appreciation.

The increasing institutional involvement has helped Solana rally behind Bitcoin (BTC), outpacing Ethereum (ETH) in weekly gains. This performance may attract more retail investors looking to capitalize on the bullish momentum.

Network Decentralization Efforts

On April 23, 2025, the Solana Foundation announced a new policy affecting validators within its Delegation Program. The Foundation will implement stricter onboarding and offboarding criteria designed to reduce dependency on its delegation and promote broader community involvement.

Ben Hawkins, Solana’s head of the staking ecosystem, explained that for every new validator added to the Solana Foundation Delegation Program (SFDP) mainnet delegation, three existing validators will be removed if they meet specific criteria:

Validators must be eligible for delegation from the Solana Foundation on the mainnet for at least 18 months, and they must hold less than 1,000 SOL in stake outside the Foundation’s delegation.

This initiative aims to decrease the number of validators that solely rely on the foundation’s stake, underscoring the foundation’s commitment to maintaining a robust and decentralized network.

Technical Analysis Points to Breakout

Technical analysis of Solana’s price chart reveals several bullish patterns that could drive further gains. The daily chart highlights the potential for SOL to complete a 32% breakout to $176. This target aligns with the height of an inverse head-and-shoulders pattern.

Solana’s price position above the 50, 100, and 200-day Exponential Moving Averages (EMA) reflects the bullish outlook. The uptrend could continue if bulls reclaim the $150 level, though the Moving Average Convergence Divergence (MACD) indicator shows signs of exhaustion.

Renowned trader Peter Brandt has identified a “cup and handle” formation in the SOL/ETH trading pair. This technical chart pattern traditionally signals a bullish breakout. If SOL breaks the key resistance line at 0.085, Brandt’s targets for the SOL/ETH ratio are 0.110924 and 0.2098094, indicating a potential 100% outperformance against ETH.

This C&H is still playing out, by the way.
SOL has lots of room to gain on its invalid cousin, $ETH pic.twitter.com/DdguqcNfIl

— Peter Brandt (@PeterLBrandt) April 22, 2025

Over the past two weeks, SOL bounced from $95.26 to $150.9, breaking the last swing high resistance of $147 and reclaiming the 20-and-50-day exponential moving averages. If the breakout holds above the breached resistance, buyers could push for another 18% gain, challenging the $180 barrier.

Whale activity has shown mixed strategies, with one investor unstaking 100,000 SOL worth about $13.9 million and transferring it to Binance. Despite this move, the same whale continues to hold 1.19 million SOL valued at around $166.37 million, suggesting strategic rebalancing rather than bearish sentiment.

If the current pullback persists, SOL may retest support at $140. Beyond this level, the 50-day EMA at $139 could stabilize the price, potentially preventing a larger drawdown to the 100-day EMA at $133.

As Solana continues to demonstrate resilience amid broader market consolidation, the combination of institutional backing, network improvements, and favorable technical indicators suggests that SOL remains well-positioned for future growth despite short-term volatility.