Solana Bulls Defend Key Support as Institutional Interest Surges: Binance Market Watch

Solana (SOL) is showing strong bullish momentum, currently trading at $139.91 and eyeing the $150 resistance level. Institutional interest, particularly from Galaxy Digital, has bolstered confidence in SOL’s upward trajectory. With key support levels holding firm, the cryptocurrency is poised for a potential breakout as May approaches.

Solana Price Eyes $150 as Bulls Defend Key Support

Solana (SOL) has climbed to $139.91, just beneath the key $150 resistance zone. After weeks of consolidation, bulls have regained momentum, defending a key trendline and positioning SOL for a potential breakout as May approaches. The catalyst for this uptick is institutional conviction, with Galaxy Digital recently acquiring 606,000 SOL worth $83 million in just four days, staking 462,000 tokens. This acquisition signals strong confidence in Solana’s long-term scalability and ecosystem growth.

Binance Introduces Mandatory KYC Re-Verification for Indian Users

Binance has announced mandatory KYC re-verification for Indian users as part of its efforts to comply with local anti-money laundering (AML) regulations. This step applies to both existing and new users and requires users to submit updated identity documents, including their Permanent Account Number (PAN). The announcement was made on April 18, and the exchange said this is part of its broader efforts to improve user security and comply with global regulatory standards.

Ethereum Upgrades Could Boost Scalability and Payments Role

According to Binance Research, Ethereum’s upcoming Pectra and Fusaka upgrades could significantly enhance the network’s scalability and its potential in crypto payments. Despite Ethereum’s high security and widespread use, the report warns that Solana and BNB Smart Chain are gaining ground in decentralized exchange volumes and fees due to their faster speeds and lower costs. Binance attributes this trend to Ethereum’s current limitations, including high fees, slower transaction speeds, and a fragmented ecosystem. The rise of Layer 2 (L2) networks has also contributed to reduced value capture at Ethereum’s base layer.