- Solana surged 6% after PayPal officially added support for SOL and Chainlink, signaling growing mainstream crypto adoption.
- Despite looming FTX payouts, bullish traders poured $545M into Solana longs, eyeing a breakout above the key $130 resistance.
Solana (SOL) made headlines on Friday with a strong 6% rebound, outperforming blue-chip cryptos like Bitcoin (BTC), Ethereum (ETH), and XRP. The rally comes on the heels of a game-changing announcement: PayPal, one of the world’s largest peer-to-peer payment platforms, has officially integrated Chainlink (LINK) and Solana into its expanding crypto services.
This move signals growing mainstream adoption of decentralized assets, even as Solana faces headwinds from upcoming token unlocks and market jitters over the looming FTX payout. Still, bulls aren’t backing down.
Also read: Jack Dorsey Sounds the Alarm: Bitcoin Must Be More Than ‘Digital Gold’ to Survive
At press time, Solana is trading around $123, bouncing back from a weekly low of $112. The uptick also coincides with broader market optimism, boosted by robust U.S. jobs data and escalating U.S.-China trade tensions—conditions that often fuel interest in alternative assets like crypto.
According to data from Coinglass, Solana bulls have poured $545 million into long positions over the past week, overshadowing the $328 million in shorts by nearly 40%. This significant leverage imbalance suggests strong investor conviction, despite the volatility risk posed by the upcoming FTX-related liquidations.
However, technical charts highlight a key resistance level near $130, where $221 million in short positions are stacked. Should Solana break past this cluster, a short squeeze could propel the token toward the $150 range. Conversely, the $110 level—backed by $348 million in long leverage—acts as a critical support. A breach below could invalidate the current bullish trend.
In a week marked by macro uncertainty and crypto skepticism, Solana’s resilience and PayPal’s embrace of decentralized networks paint a compelling narrative: institutional adoption is no longer a future vision—it’s happening now.
Whether SOL can maintain its momentum hinges on navigating short-term resistance and macro volatility. But for now, traders and investors have a reason to watch Solana with renewed interest.