Popular altcoin Solana is up 2% over the past 24 hours, as the broader crypto market shows signs of resilience. 

However, beyond the general market recovery, SOL’s upward move is driven by a hint at renewed institutional interest in the coin and its ecosystem.

Solana Primed for Rally? Nasdaq Filing Fuel Momentum

According to a Form 40-F filing dated June 18, Canadian asset manager Sol Strategies, a firm focused exclusively on the Solana ecosystem, filed compliance documents with the US Securities and Exchange Commission (SEC), signaling its intent to list on the Nasdaq. 

While still awaiting approval, the filing represents a bold step toward offering institutional investors direct exposure to Solana-based assets via traditional markets. This development has triggered a renewed wave of cautious optimism among SOL hodlers, driving up its price today.

Also, the timing of this filing aligns with increasingly bullish on-chain signals such as the coin’s Liquidation Heatmaps, which show a dense cluster of liquidity has formed around the $160 level.

Liquidation heatmaps are visual tools traders use to identify price levels where large clusters of leveraged positions are likely to be liquidated. These maps highlight areas of high liquidity, often color-coded to show intensity, with brighter zones representing larger liquidation potential.

Usually, these price zones are magnets for price action, as the market moves toward these areas to trigger liquidations and open fresh positions.

Therefore, for SOL, the dense liquidity cluster around the $160 level suggests strong trader interest in buying or covering short positions at that price. This sets the stage for a near-term rally toward that zone.

Furthermore, SOL’s open interest (OI) has climbed 3% over the past day, indicating increased leveraged participation in SOL futures. 

A rising OI suggests that more capital is flowing into the coin’s derivatives markets, reflecting growing conviction among traders about SOL’s potential upward price movement. 

Can Fresh Demand Spark a Breakout Above $160?

Since early June, SOL has traded within a tight range, facing resistance at $153.59 and finding support at $142.59. A potential push toward $160 would require a decisive breakout above this resistance, which can only happen if fresh demand enters the market.

Without renewed buying pressure, current momentum may stall. If buyers begin to show signs of exhaustion, SOL risks reversing its recent gains and retesting support at $142.59. 

A breakdown below this level could open the door for a deeper correction in the SOL coin’s price toward $134.68 as Q2 draws to a close.