Solana (SOL) is once again in the spotlight after a strong rally sent its price surging 17% over the past week, driven by renewed interest from institutional investors and the overall recovery in the crypto markets. As of Friday, May 9, Solana was trading at around $173 during the late North American trading session, positioning itself just below a key resistance level at $181.

The recent price movement comes amid a broader bullish wave in the cryptocurrency market, fueled by easing macroeconomic pressures and growing optimism around regulatory developments. The altcoin market, in particular, has seen renewed momentum, with Solana riding the wave alongside Bitcoin (BTC) and Ethereum (ETH).

Solana’s market structure is looking increasingly bullish. With a fully diluted valuation of nearly $90 billion and a 24-hour trading volume averaging $8.8 billion, Solana is proving it remains a top contender among major altcoins. Recent volatility has also led to notable liquidations in Solana’s leveraged trading markets—$31 million in net liquidations were recorded over the last 24 hours, while on-chain perpetual markets registered over $47 million in liquidated positions. This signals potential for a short squeeze, which could further propel SOL’s price upward in the near term.

At the same time, institutional capital is flowing into the Solana ecosystem. Firms like Sol Strategies have led investment surges over the past several quarters. Meanwhile, the growth of Solana-native cryptocurrency coins and DeFi protocols has driven the total value locked (TVL) on the network to more than $8.7 billion, reinforcing Solana’s role as a high-performance blockchain for smart contracts and decentralized apps.

Adding fuel to the fire, multiple fund managers are reportedly exploring the possibility of introducing spot Solana ETFs in the United States. Although nothing has been formally filed, these discussions are gaining traction, especially as the regulatory tone in Washington shifts. Under the leadership of the Trump administration, the SEC has shown a notably more favorable stance on digital assets—pushing through pro-crypto reforms more swiftly than during Gary Gensler’s previous term.

This combination of factors is creating a fertile environment for SOL’s continued growth. On the technical front, the outlook is bullish. In the 2-hour trading timeframe, Solana has successfully broken above a falling logarithmic trend and bounced back with strong momentum. The Moving Average Convergence Divergence (MACD) indicator has crossed above the zero line—a classic bullish sign—while the Relative Strength Index (RSI) sits comfortably above the 70 level, indicating sustained buying pressure.

With these technical confirmations in place, analysts are setting their sights on $187 as the next immediate resistance level. A breakout beyond that could open the door to a larger move toward $240, especially if broader market sentiment remains positive. The real confirmation of a macro-level bull trend, however, will come when Solana reclaims its position above the 200-day Simple Moving Average (SMA).

Market watchers are also keeping an eye on global political developments. A recent decision by former President Donald Trump to pause U.S. trade tariffs helped ease investor concerns and contributed to a broader market rebound—one that Solana clearly benefitted from. This kind of macroeconomic relief, combined with institutional interest and favorable regulatory winds, could help push Solana past its resistance barriers and into new price territory.

For now, all eyes are on the $181–$187 resistance zone. If Solana manages to break through convincingly, the bullish narrative will only strengthen, making $240 a realistic mid-term target.