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Solana (SOL) has been on a strong upward trend in recent weeks, rising more than 35% from its June low. Technical indicators, alongside growing institutional interest, suggest the cryptocurrency could see further gains in the near term, with some traders eyeing a move toward $240.
According to data from crypto.news, SOL was trading at $176.50 on August 12, marking a 9% increase over the past month and a 40% recovery from its lowest level of the year. The token’s market capitalization now stands at $95.1 billion, positioning it among the largest digital assets by value.
Public Companies Increasing SOL Holdings
One notable development supporting Solana’s price momentum is the accumulation of SOL by publicly listed companies. Bitcoin mining firm Bit Mining, marketing company Upexi, and DeFi Development Corp have all disclosed new purchases of the token in recent weeks.
Bit Mining revealed it intends to raise between $200 million and $300 million in phases to further expand its Solana holdings and establish a dedicated treasury. This type of corporate accumulation is often viewed as a sign of growing institutional confidence in the asset.
Expanding Role in Real-World Asset Tokenization
Beyond price action, Solana’s network is also attracting attention for its role in tokenizing real-world assets (RWA). In a recent milestone, the Solana Foundation entered into an agreement with R3 — a blockchain software firm whose clients include major institutions such as HSBC, Bank of America, Euroclear, and the Monetary Authority of Singapore (MAS).
The partnership aims to integrate Solana’s blockchain into asset tokenization initiatives, potentially widening its adoption in traditional finance. Asset tokenization has been gaining momentum globally as financial institutions explore blockchain for more efficient settlement and ownership transfers.
Rising Network Activity
On the network side, daily active addresses on Solana have surged more than 16% in the past 24 hours. A spike in user activity often signals increasing engagement, which can support market confidence and strengthen bullish momentum.
Analysts note that heightened network participation, when coupled with positive technical patterns, can increase the likelihood of sustained price gains.
Golden Cross Signals Potential Upside
From a technical perspective, Solana’s daily chart has formed a golden cross — a widely recognized bullish pattern that occurs when the 50-day simple moving average crosses above the 200-day moving average.
The last time this pattern appeared for Solana was in October 2024. Following that occurrence, the price rallied by nearly 50% over the next three months. If this historical behavior repeats, SOL could be on track to approach $240 in the coming months.
Cup-and-Handle Pattern Adds to Bullish Setup
In addition to the golden cross, Solana has also developed a cup-and-handle formation. The base of the pattern is at $126.40, with neckline resistance around $187.74.
The distance between the cup’s highest and lowest points is approximately 48%. If this move is projected from the neckline breakout point, the pattern suggests a potential rally toward $248 — slightly above the golden cross target.
When two bullish patterns appear together, such as the golden cross and cup-and-handle, traders often interpret the alignment as a stronger continuation signal for an ongoing uptrend.
Key Support and Risk Factors
Despite the encouraging outlook, analysts caution that bullish projections could be invalidated if SOL falls below the immediate support level of $156. This price point marks the lower boundary of the handle pattern.
A break below that threshold could lead to a deeper pullback, especially if market sentiment weakens across the broader cryptocurrency sector. External factors such as macroeconomic developments, regulatory news, or sharp changes in Bitcoin’s price could also influence Solana’s trajectory.
Outlook for the Coming Weeks
With technical indicators aligning, institutional buying increasing, and network activity on the rise, Solana’s price path appears constructive heading into the second half of August. The convergence of the golden cross and cup-and-handle patterns is relatively rare, adding weight to the possibility of a continued uptrend.
If buying pressure persists and resistance at $187.74 is broken decisively, traders may look toward the $240–$248 zone as the next major target. However, sustained momentum will likely depend on both market-wide conditions and Solana’s ability to maintain its recent growth in adoption and on-chain activity.
For now, SOL remains one of the more closely watched assets in the digital currency market, with its blend of strong fundamentals, institutional interest, and technical strength keeping investor attention firmly locked in.
