Solana Activates Golden Cross – Arthur Hayes Participates, SOL Ready to Soar to 250 USD?

Solana has formed a golden cross pattern on the daily chart, a bullish technical pattern that often appears before extended bullish trends, bringing at least a 40% increase for this altcoin. This model previously pushed SOL from $155.01 to $293.00 in just seven days in October 2024, when similar conditions appeared. A golden cross occurs when the 50-day simple moving average crosses above the 200-day moving average, creating what cryptocurrency traders consider a bullish momentum indicator.

Currently, many traders and analysts predict that SOL will break out of the current trading range of 174–187 dollars, potentially pushing the price of this token to the peak level of 2021 at around 250 dollars. SOL Bullish Golden Cross Aiming for Breakout Level of 190 USD as Arthur Hayes Joins the Treasury Movement As of the time of writing, Solana is trading at $178.06, up 0.29% as it recovers from a daily low of $173.69. This recovery comes after unchanged CPI data, increasing the likelihood of a rate cut in September to over 86%.

Market participants view this trend as a widespread optimistic sentiment across the cryptocurrency sector, with Ethereum leading the growth at 4%, pushing the price to its highest level in three years at $4,400. The explosive performance of Ethereum has raised the question of whether Solana can attract enough attention to push the price above the current weak resistance. Cryptocurrency analyst Honeyxbt expressed moderate skepticism, noting that she expects stronger performance from SOL speculators. She stated that although the golden cross pattern has appeared, the fact that the price cannot break through the resistance zone of $190–205 is still disappointing.

Additionally, she acknowledged that SOL is still maintaining technical strength and is in a bullish trend, trading much better than the 200-day EMA. This token just needs a bit more momentum to sustain its bullish trajectory. Recently, Upexi, recognized as the largest treasury company of Solana, appointed BitMEX co-founder and renowned cryptocurrency speculator Arthur Hayes as the first member of the advisory board. Hayes will lead the development of the strategy and expand the company's $SOL treasury bond portfolio. Hayes plays an important role in the recent 60% recovery of Ethereum by publicly supporting Tom Lee's Ethereum Treasury strategy at Fundstrat, a strategy that has accumulated billions of dollars in ETH while supporting the coin's rise to new heights. Currently working with Upexi, which has secured 300 million dollars to purchase Solana tokens to expand the treasury, Hayes brings proven expertise to the organization's SOL adoption efforts. If this approach proves effective, other companies pursuing the Solana treasury strategy, including BIT Mining and DeFi Development Corp, may accelerate their acquisition of SOL. Approve SOL ETF: The Probability of Success is 90% by 2025 Another important catalyst supporting Solana in forming a golden cross towards the $250 level is the pending approval process of the SOL ETF. In June, seven major issuers submitted or amended their applications for the (ETF) spot Solana exchange fund to the (SEC). These applications include submissions from renowned asset management companies such as VanEck, Fidelity, 21Shares, Franklin Templeton, Grayscale, Bitwise, and Canary Capital. According to Bloomberg's latest ETF analysis, Solana leads the likelihood of approval with a 90% chance of being approved by 2025.

Combined with the accumulation of the treasury company and strong on-chain activity from memecoins, revenue from DApps like PumpFun, the BONK ecosystem, and the expanding supply of stablecoins on the Solana blockchain, SOL seems to have a competitive position against Ethereum to become the next large market capitalization opportunity. Technical Analysis: SOL Golden Cross Flip Paves the Way to 246 USD From a technical perspective, the daily chart of SOL/USDT shows a bullish structure after breaking out of the downward channel and confirming a golden cross, where the 50-day SMA has crossed above the 200-day SMA. The price is trading around $177, lying between the important resistance level of $187.89 and the support level from the 50 and 200-day SMA near $167.

A decisive closing level above $188 will pave the way for the upper resistance of the channel at $225, with a potential medium-term target near $246 if macro conditions, including the possibility of a rate cut on September 25, align with the bullish momentum. However, if the $188 level is not surpassed, the price may test the support area at $167, and a break below this level would diminish the bullish outlook.