Can Solana break resistance after SBI Solana Global joint venture formation?

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Solana surges 3.91% to $78.36 today

Highlights

$500 million in new USDC minted on Solana signals a major liquidity influx and growing institutional involvement.
SBI Holdings and the Solana Foundation will launch a Japanese joint venture targeting onchain finance and tokenized assets.
SOL/USD shows strong bullish momentum with overbought signals, short-term range seen at $76.13–$79.61, upside favored barring a breakdown below support.

Institutional inflows as stablecoin mints and partnerships lift Solana demand

Solana witnessed a significant on-chain event on July 14, with $500 million in USDC stablecoins minted on its blockchain in two equal tranches, according to Cryptobriefing. This direct injection of stablecoin liquidity strengthens transaction settlement demand and signals institutional-scale engagement with the network, contributing to increased utility and visibility. Additionally, on July 13, SBI Holdings and the Solana Foundation agreed to establish a joint venture in Japan targeting onchain financial markets—including yen stablecoins and tokenized real-world assets—further expanding the platform’s institutional footprint, as reported by Crypto.

Bullish technical bias as momentum indicators reveal overbought risk

On the technical front, SOL/USD is holding above the 20-period ($77.07) and 50-period ($76.14) moving averages on the H1 chart, but remains below the 200-period moving average at $91.34. The Ichimoku Kijun sits at $76.26, marking immediate support. The Moving Average Convergence Divergence (MACD) and Average Directional Index (ADX) both show strong upward momentum, while the Relative Strength Index (RSI) is at 66.71, the Commodity Channel Index (CCI) issues a buy signal, and Bull/Bear Power indicates overbought conditions. Stochastic RSI and Awesome Oscillator present neutral signals, suggesting some short-term exhaustion and possible price divergence despite prevailing bullish momentum.

Range-bound consolidation as breakout likelihood favors bullish scenario

Looking ahead, the forecast for SOL/USD over the next several sessions is for consolidation within a $76.13 to $79.61 range, reflecting typical volatility at current levels. The probability of an upward move remains very high, while a downside scenario is viewed as much less likely. The base case anticipates continued range-bound trading, with a bullish breakout scenario triggered above $79.61 and downside risk materializing only if the $76.13–$76.26 support zone is breached.

Viktoras Karapetjanc, expert at Traders Union, sees Solana’s strong onchain liquidity and new institutional partnerships as major positive catalysts. The analyst believes momentum is underpinned by both technical resilience and fresh demand from high-profile strategic moves in Japan. He notes that consolidation at these levels sets the stage for a potential breakout. 'With confirmation of massive USDC inflows and powerful institutional alignment, I expect bullish momentum in SOL to persist near term.'

Previously, analysts noted that Solana faced persistent market pressure and mixed technical signals despite growing institutional interest. The latest surge in USDC liquidity and continued institutional developments now signal strengthening bullish momentum, with attention turning to whether SOL can decisively break out above the current $79.61 resistance level in the coming sessions.

Source of Data: SOL Price Analysis by TU

The analysis is based on a proprietary model combining technical, on-chain, and expert data. Not investment advice. See methodology

The information is based on forecasts and does not constitute investment advice or a guarantee of future results. Market conditions may change. See our Disclaimer and Editorial Integrity for details.