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Solana Price Surges as BlackRock’s BUIDL Fund Expands to Its Blockchain
As the crypto market continues to show no signs of slowing down, Solana (SOL) has made a significant move, surging over 30% since March 10 and reaching a daily high near $146 on March 26. The catalyst behind this monumental price increase is none other than BlackRock’s BUIDL fund expanding its tokenized offerings to the Solana blockchain.
Solana’s inclusion in the BUIDL ecosystem could prove to be a game-changer for institutional flows, with some analysts speculating that BlackRock may even file for a Solana-based ETF in the coming months. The development has positioned Solana at the center of the institutional crypto narrative, eclipsing other major cryptocurrencies this week.
Although the move appears promising, many market participants are now eyeing resistance near $152, which aligns with the 61.8% Fib retracement level of the January-March drop. A decisive breakout above this zone would target a subsequent resistance at $162, but failure to do so could trigger a pullback towards the $137 and $129 support levels.
In terms of volume, Solana’s recent price action has been met with increased buying interest, as seen in the spike during the March 25 breakout. However, it is essential to note that momentum indicators suggest neutral conditions, leaving room for further upside without immediate confirmation of overbought conditions.
Ultimately, a sustained weakness could expose the $125 zone, which remains a key invalidation point for the current bullish thesis. As such, bulls will need to muster the strength and drive SOL above the critical resistance at $152 to confirm a trend reversal.
While there are certainly risks involved in any investment, the fundamentals behind Solana’s recent price action suggest that this move is technically solid but now sits at a crucial turning point.
Source: https://coinchapter.com/solana-price-surges-as-blackrocks-buidl-fund-expands-to-its-blockchain/?utm_source=rss&utm_medium=rss&utm_campaign=solana-price-surges-as-blackrocks-buidl-fund-expands-to-its-blockchain
