Solana’s price jumped 24% on Monday after news of it being included in the US Crypto Strategic Reserve. The cryptocurrency is currently trading at $161, indicating a possible revival from a month-long bearish trend.
The surge comes amid growing investor interest. The Short-Term Holder Net Unrealized Profit/Loss (STH NUPL) indicator indicates short-term holders are in profit. This change lowers the possibility of panic selling, which would stabilize the market.
If profits keep going up, then more investors may not sell their SOL tokens, which could drive market confidence and attract new buyers, potentially leading Solana into a longer-term trend.
The other indicator of bullishness is the Chaikin Money Flow (CMF) that tracks money movement. Recent reads indicate high buying pressure, a sign that investors are placing wagers on Solana’s long-term value.
SOL’s price rally actually started even before the US Crypto Reserve news, suggesting that retail and institutional investors alike consider Solana an asset with potential. Solana can move up towards $183, its nearest key resistance level, if buyers continue to pile on.
A move above $183 can open the doors for a drive towards $200, a psychological level. Failure to hold current levels, however, can trigger new selling pressure, taking the price back to $150 or even $138.
Investors will be eagerly watching if Solana will sustain its bullish run in the days ahead.
