Key takeaways
- SOL rose about 7% in the last 24 hours and is now trading above $220.
- The coin could gather momentum toward resistance at $240 as the broader market rebounds from recent lows.
SOL breaks above the $220 resistance level
The cryptocurrency market has reversed course after a weak start to the week. Bitcoin, the largest cryptocurrency by market capitalization, climbed earlier today toward $119,000, helping altcoins to advance.
Solana’s native token, SOL, gained more than 7% over the past 24 hours, making it one of the top performers among the ten largest cryptocurrencies by market cap. The SOL rally has been supported by the launch of Circle’s tokenized U.S. treasury fund, USYC, on the Solana blockchain. This launch expands USYC beyond Ethereum, Near, Base and Canton networks.
USYC carries a market capitalization of around $630 million, ranking it among the larger tokenized treasury offerings. Its integration on Solana may boost institutional interest in SOL by opening additional use cases for USYC on the network. Potential use cases include using the tokenized treasury as margin collateral for derivatives trading or as a yield-bearing asset within Solana-based DeFi platforms.
SOL eyes $240 as the rally continues
The 4-hour SOL/USD chart turned bullish following the recent 24-hour price advance. The coin cleared the $220 resistance and is currently trading near $224 per token.
Momentum indicators have flipped bullish as well. The RSI sits around 70, signaling buyer control and projecting a possible move into overbought territory if upward pressure continues. The MACD lines are also in positive territory, reinforcing the bullish bias.
If the rally persists, SOL could test the next major resistance area near $241. The 4-hour chart shows inefficiency, which means the market could seek liquidity around $214 before resuming an upward push.
Conversely, should the market undergo a correction after this rally, SOL may retest support and the relevant trend-level quadrant (TLQ) near $205. Bulls are likely to defend that level, since a breakdown below it could open the door to a deeper decline toward sub-$200 territory.