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Solana’s price has surged 7% to reach a new high of $185, marking its highest single-day gain since July 12. This upward trajectory is attributed to the announcement by Upexi, a leading Solana treasury investor, regarding the appointment of BitMEX co-founder Arthur Hayes as its crypto strategy advisory committee’s first member.
Upexi aims to solidify its position in the Solana ecosystem through this strategic move. By bringing Hayes on board, the company seeks to expand its footprint in the Solana market via targeted investments and partnerships.
Hayes’ addition is expected to inject fresh perspectives and industry connections, allowing Upexi to drive performance and amplify its brand within the cryptocurrency space.
In response to the news, Solana’s derivatives market saw a significant increase in open interest, rising 1.97% to reach $10.18 billion. This substantial jump highlights an influx of fresh capital flowing into the platform. The chart also shows derivatives volume rising by 5.46%, indicating traders are building positions for potential breakout moves.
Furthermore, the MACD histogram has shifted towards green, reflecting early bullish momentum. Technical analysis suggests that Solana’s price may be poised to break above $189 resistance and potentially test higher levels up to $200, which represents a 7.18% increase from current prices.
In light of this development, a close above $189 on rising volume would substantiate the bullish case for Solana. A successful breakout could trigger a chain reaction of buying pressure, propelling the cryptocurrency towards July highs near $210.
Conversely, failure to breach this resistance level could result in a pullback to $175.32, invalidating the initial bullish signal and leaving the door open for further downside action down to $155.43, representing a potential 16.7% decline from current levels.
Source: www.coinspeaker.com
