Solana briefly touched the psychological level of $200 earlier today, currently trading around $196, backed by a major institutional tokenization milestone.
By Parth Dubey
Edited by Julia Sakovich
Updated
2 mins read
Solana SOL $184.8 24h volatility: 3.7% Market cap: $99.68 B Vol. 24h: $8.71 B has gained over 13% in the past day amid significant institutional adoption news. CMB International, one of Asia’s largest asset managers, has partnered with DigiFT and OnChain to tokenize its Hong Kong–Singapore Mutual Recognition Fund on the Solana blockchain.
CMB International — one of Asia’s leading asset managers — have tokenized CMB’s HK–Singapore Mutual Recognition Fund on Solana as CMBMINT with DigiFT and OnChain 🇭🇰🇸🇬
几天前，在digift和OnChain的支持下，亚洲地区领先的资产管理公司 招银国际… pic.twitter.com/RB3xUgrA58
— Solana (@solana) August 13, 2025
The move marks rising confidence in Solana’s blockchain capabilities, which is already known for the success of its Solana meme coins.
The token saw a sharp increase in its 24-hour trading volume, increasing by 80% to $11.23 billion. At the time of writing, SOL is trading around $196 with $105 billion market cap.
Solana had previously reached an all-time high of $294 in January but experienced a turbulent first quarter. Its price gradually recovered, peaking at $205 on July 23 before consolidating.
Meanwhile, on-chain data revealed that meme coin generator Pump.fun deposited 86,255 SOL (worth $16.22 million) into Kraken instead of executing a planned buyback of PUMP tokens.
Pumpfun(@pumpdotfun) deposited another 86,254 $SOL($16.22M) into #Kraken 6 hours ago instead of buying back $PUMP.
They have deposited a total of 3.93M $SOL($715.5M) to #Kraken at $182 and sold 264,373 $SOL for 41.64M $USDC at $158.https://t.co/2to6SezvXq pic.twitter.com/g3fb09a6Q0
— Lookonchain (@lookonchain) August 13, 2025
To date, Pump.fun has moved a total of 3.93 million SOL (worth $715.5 million) to Kraken, selling over 264,000 SOL for 41.64 million USDC at $158.
Solana has recently broken above a descending trendline on the 4-hour chart, completing an inverse head-and-shoulders pattern that has been developing since July 23. Crypto analyst Nebraskangooner suggests that if this breakout sustains, SOL could push toward $215 in the short term.
4H inverse head and shoulders breakout with a measured target of around $215 pic.twitter.com/ELT1vDrA6P
— Nebraskangooner (@Nebraskangooner) August 12, 2025
On the daily SOL price chart, the RSI is indicating strong bullish momentum but it is still below the overbought threshold, leaving room for further upside. If SOL closes above $200, it could retest its July highs in the near term.
SOL RSI and BB Levels | Source: TradingView
The Bollinger Bands show price pushing against the upper band near $196.50, suggesting bullish pressure. However, this also hints at potential short-term consolidation if resistance holds. Traders should watch for immediate support around $182, with stronger support at $168.
SOL MACD Levels | Source: TradingView
The MACD line is crossing above the signal line and widening, signaling continued buying momentum. If bullish sentiment persists, the next key resistance lies at $215.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
A crypto journalist with over 5 years of experience in the industry, Parth has worked with major media outlets in the crypto and finance world, gathering experience and expertise in the space after surviving bear and bull markets over the years. Parth is also an author of 4 self-published books.
