Solana price jumped to a two-week high above $147 after $11 trillion asset manager BlackRock announced it will be using the SOL blockchain for its $1.7 billion $BUIDL fund. This adoption has sparked retail interest in Solana, with traders now wondering whether the altcoin could reclaim its previous all-time high and rally past $300.
Solana Price in Focus as BlackRock Taps SOL For BUIDL Fund
Solana price trades at $144 today with a slight 3.3% gain in 24 hours. SOL has been making a gradual recovery considering that its price has increased by 14% in seven days, indicating that a bullish momentum is building.
SOL could extend its gains to a new ATH after the $1.7 billion BlackRock USD Institutional Digital Liquidity Fund (BUIDL) tokenized fund expanded to Solana. This move will bring real world asset tokenization to Solana, while bolstering institutional adoption.
Securitize, a tokenization platform that is working with BlackRock for this product stated that the asset manager picked Solana for its scalability.
“Why Solana? Solana’s high throughput, low costs, and scalability make it an ideal blockchain to support institutional-grade RWAs. By expanding to Solana, BUIDL is now more accessible to a broader range of investors and applications.”
This launch highlights a bullish Solana price prediction and could aid a parabolic price rally. In this case, how high will SOL rally?
Can Solana Reach $300?
BlackRock’s adoption of Solana is bullish for price and could kickstart a rally to $300. A recent Coingape article also disclosed that Fidelity has filed to list a spot SOL ETF at the Cboe. This high interest from top institutions on Wall Street suggests that a major rally is bound to occur.
Meanwhile, the daily Solana price chart also highlights a strong bullish momentum for SOL after it broke out of a descending parallel channel. This highlights a trend reversal as the bearish trend weakens.
The RSI indicator stands at 52 after making higher lows. Its crossover above 50 for the first time in more than three weeks further suggests that buying pressure is gaining strength after sellers were exhausted.
For Solana price to confirm the continuation of these bullish trends, the MACD line needs to cross over to the positive region. Once this happens and SOL breaks the resistance level at $177, it could fuel gains past the all-time high of $297 to $300.
Besides the bullish technical indicators and patterns, increased institutional adoption indicates that Solana price could rally to $300 soon. As buying pressure builds and SOL defends support at the upper trendline of the descending channel, a rally will happen.
The post Solana Price Eyes $300 As BlackRock Taps SOL for $1.7B BUIDL Fund appeared first on CoinGape.
