$300 SOL Price Target in Play as Next Signal Awaited

Solana (SOL) is witnessing vigorous on-chain activity as it waits for a new bullish signal from the larger crypto market. The sixth-largest cryptocurrency by market capitalization is all set to target the $300 level in the near future as it tries to take control of its destiny.

According to popular crypto analyst Don on X (formerly Twitter), technical indicators show that the major digital asset is set to reach this important milestone in the coming months.

14-Day Price Action

SOL is changing hands below the $175 level at press time. Here is its price action from the last two weeks:

SOL has been relatively steady overall during this period. Still, the bulls could have done much better, because premier cryptocurrency Bitcoin posted a new All-Time High (ATH) of $112,000 about a week ago. The move was expected to kickstart the next altcoin season, but it didn’t as BTC dropped slightly in value and is now hovering around $108,000. A definitive move ahead from the top cryptocurrency by market capitalization is likely to create a spark for other digital currencies to follow.

SOL has been unable to break free of the $200 price resistance recently, but for these smaller coins, a jump like that doesn’t take much time, especially if the right conditions present themselves. The Solana bulls must wait for the opportune moment before striking.

SOL Showing Strong Growth

SOL will likely be a major part of this highly anticipated bull market. The programmable digital currency ecosystem remains one of the most sought-after networks for developers because of its immense capability and growing acceptability. The Solana blockchain’s Total Value Locked (TVL) is now nearing $10 billion and showing no signs of slowing down.

A recent development involves Solana Strategies, a Canadian company specializing in capital raising through the Solana blockchain. The blockchain firm recently filed for a $1 billion preliminary short-form base shelf prospectus to increase financial flexibility and capitalize on emerging opportunities.

In simple terms, the move will allow the organization to raise massive funds for various financial instruments it intends to offer via the SOL blockchain. The move indicates the growing acceptance of Solana in the capital markets, which is a significant advantage considering its relatively subdued overall performance in the cryptocurrency market.