Solana’s Price Outlook: Can $123-$129 Support Hold Amidst Growing Adoption?
Solana (SOL) is trading in a choppy manner, hovering near the crucial $123-$129 support level, as the cryptocurrency’s ecosystem experiences significant developments. Forward Industries, a Nasdaq-listed company, has been accumulating SOL tokens, adding to its treasury, while Bitcoin Hyper’s Solana-based Bitcoin Layer 2 solution aims to address the scalability limitations of the Bitcoin network.
Forward Industries’ SOL Accumulation and Staking Rewards
Forward Industries has increased its Solana holdings to over 6.97 million tokens since mid-December, according to a press release from the company. The company launched its Solana treasury strategy in September 2025 and has generated over 133,450 Solana in staking rewards. This move has enabled Forward Industries to increase its Solana value per share through these staking trades. Moreover, the company has become the first publicly traded company to offer its shares directly on-chain, marking an expansion of its Solana-based operations.
The announcement comes as altcoins have seen fresh capital inflows in the new year, and institutional investors have shown renewed interest in digital assets beyond Bitcoin. This growing interest in Solana and other altcoins is reflected in the cryptocurrency’s price chart, which shows a one-year descending triangle pattern approaching a key support level. According to market data, the cryptocurrency is retesting a two-year demand zone that forms the basis of this pattern.
Technical Analysis and Market Outlook
Momentum indicators show mixed signals, with the Relative Strength Index (RSI) falling slightly below neutral levels, while the Moving Average Convergence Divergence (MACD) indicator recently showed a death cross pattern. Analysts note that these indicators could reflect consolidation rather than a trend reversal. The Solana price chart technical analysis reveals a critical support level at $123-$129, which, if broken, could lead to a downtrend towards $116 and threaten the one-year triangle base.
A break above the current resistance levels could lead to a rise towards the mid-$130s, provided overall crypto sentiment remains constructive and spot flows remain positive. However, a clear break below $123 would open up scope towards $116 and invalidate any narrative of a near-term recovery.
Bitcoin Hyper’s Solana-Based Bitcoin Layer 2 Solution
A separate project, Bitcoin Hyper, has raised presale funds for a Layer 2 network that aims to combine Bitcoin’s security infrastructure with Solana’s technology framework. The project aims to eliminate Bitcoin’s scalability limitations, including transaction speed, fees, and programmability limitations. The Layer 2 solution is intended to enable decentralized finance applications and real-world asset tokenization on the Bitcoin network, functionality that was limited at the base layer.
In conclusion, Solana’s price outlook is mixed, with the $123-$129 support level being a critical factor in determining the cryptocurrency’s near-term trajectory. As the ecosystem continues to grow, with developments like Forward Industries’ SOL accumulation and Bitcoin Hyper’s Solana-based Bitcoin Layer 2 solution, Solana’s potential for growth and adoption becomes increasingly evident. For more information, visit https://crypto.news/can-solana-hold-123-129-support-as-forwards-sol-stash-nears-7m-tokens/
