Solana (SOL) is showing signs of renewed energy. Currently trading at $149.76, the coin is up 2.14%, with a 24-hour trading volume surging by 53.61% to $4.55 billion. Over the last week, SOL has stayed steady, reflecting a mild 0.70% gain. On the surface, it looks like modest movement, but under the hood, the story is very different.
Technical analyst AndrewGriUK labels recent SOL action as a textbook “fakeout.” In the past 25 days, SOL plummeted by 30%, only to snap back and reclaim lost ground. This sudden reversal caught many traders off guard. It forced early exits before SOL launched a bullish comeback that is now catching market eyes.
$120 support level holds strong for SOL
Key support at $120 remained firm. SOL fell briefly beneath it, triggering stop-losses and clearing weak hands. That breakdown did not persist. It was a fakeout move, a planned fall that resulted in a rebound. Within days, SOL reversed hard, rising back over resistance levels.
Charts currently indicate signs of being bullish across the boards. A blue-shaded momentum area indicates heavy volume on the rebound. SOL crossed a very important moving average, which has given optimism a boost. Buyers are focusing on the top-end at $250. If volume persists, that could arrive sooner than anticipated.
Solana’s role in Robinhood’s Blockchain plans
Meanwhile, Solana may soon power something bigger than crypto trading. Bloomberg reports Robinhood is building a blockchain system for European investors to trade U.S. stocks. Two blockchains are on the table: Arbitrum and Solana. Insiders say no final call has been made yet, but Solana’s speed and low fees make it a strong contender.
If chosen, Solana could support a tokenized stock market across Europe. Robinhood’s April acquisition of a Lithuanian brokerage sets the stage. Add Bitstamp’s crypto licenses into the mix, and the firm is preparing for a deeper push into cross-border finance. Robinhood’s CEO believes in tokenized stocks, and Solana might be the chain that helps bring them to life.
