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Solana price today is trading near $173.65, following a sharp breakout that carried price from the $145 support zone toward a critical confluence resistance near $180. This recent rally has reignited bullish sentiment across the market, but with signs of exhaustion emerging on lower timeframes. After weeks of consolidation, Solana price broke decisively above a multi-month descending trendline on the daily chart, triggering a swift move from the $140–$145 zone to retest the $180 psychological barrier. This move aligns with the 0.5 Fibonacci retracement level ($156.23) from the November 2023 high to April 2025 low, which acted as a springboard for the breakout. On the weekly chart, Solana price action is pushing into the 0.382 retracement level near $189. This zone served as a major distribution point during Q4 2024 and could now pose heavy resistance unless bulls reclaim it with volume. The 4-hour chart reveals early signs of exhaustion. The Stochastic RSI has crossed back down from overbought levels and is now below 20, indicating weakening short-term momentum. Similarly, the RSI on the 30-minute chart has dipped below 50, and MACD has printed a bearish crossover with declining histogram bars. Price has also pulled back after failing to hold above $175. Strong resistance is seen near $179.75, and unless Solana can flip this level decisively, we may see a near-term retracement toward the $167–$170 support range, which aligns with the EMA-20 and 4-hour Bollinger mid-band. One of the more notable developments on the daily chart is the breakout from a classic cup and handle pattern, which had been forming over the last several weeks. The rounded base between March and April established a strong bullish foundation, and the handle’s downward-sloping consolidation was followed by a clean breakout in early May. This bullish continuation structure reinforces the strength behind the recent Solana price spikes, signaling that the current trend has technical backing beyond just short-term speculation. With price now holding above the neckline breakout near $156–$160, the measured move from this pattern gives Solana a theoretical upside projection toward the $190–$200 range, aligning closely with key Fibonacci resistance at $189. The Solana price update for May 12 will largely depend on how price behaves around the $171–$175 short-term zone. If this level holds, buyers may attempt another breakout above $180, targeting $189 and potentially $200, which aligns with the upper trendline of a large ascending channel. However, if price closes below $171, short-term bearish momentum could extend toward the $159–$161 support area. Below that, the 100 EMA at $152.78 serves as the next critical pivot. Despite the pullback, overall Solana price volatility remains bullishly tilted. The daily structure has flipped from lower highs to a potential breakout formation, and weekly candles show strength following the rejection wick in late April. Traders should monitor whether Solana price today holds above the $171–$173 area. A bullish defense here could open doors for a retest of $180 and beyond, while a breakdown might invite further cooling. The broader trend favors bulls, but Solana price action on May 12 will hinge on intraday support stability and broader crypto sentiment. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Solana (SOL) showed impressive market strength, trading around the $177 mark on May 12, its highest price level since early March, fueled by a confluence of whale movement, broader market optimism, and bullish technical indicators. This strong price performance, fueled by substantial whale movements, broad market optimism, a meme coin explosion, and upcoming spot ETF decisions, now sets the stage for its price path on May 13. On-chain data reveals notable moves from large Solana holders, a factor likely influencing May 13 sentiment based on recent trading. FTX/Alameda’s staking address recently unstaked 187,625 SOL valued at $32.24 million, yet still retains a massive 5.2 million SOL ($913.5 million) in staking. Meanwhile, a previously dormant whale unstaked 103,040 SOL worth a whopping ($17.7 million), keeping over 3.36 million SOL ($584 million) in their portfolio. While such movements often precede profit-taking or reallocation, the retained SOL indicates sustained institutional confidence in Solana’s long-term outlook. Related: Altcoin Sherpa Explains Two Winning Strategies for the 2025 Altcoin Bull Market Solana’s rally is a result of the explosive growth of its meme coin ecosystem. Tokens like Bonk, dogwifhat, Popcat, and Peanut the Squirrel have doubled the Solana meme coin market cap from $6 billion in April to $15 billion as of press time, Coingecko shows . Further boosting sentiment for May 13 is the growing anticipation for spot Solana ETFs . Applications from VanEck, 21Shares, Grayscale, and Bitwise are under SEC review. If approved — especially with staking allowed — JPMorgan estimates $6 billion+ in inflows during the first year. On the daily chart, Solana displays strong bullish momentum. Fibonacci Extensions suggest possible targets at $177.33 (2.618 level), which is currently being tested. Other resistances include $191.06 (3.618 level) and $199.54 (4.236 level). The Relative Strength Index (RSI) is at 63.36, just below overbought territory. This signals continued strength, with room for a further push upward before exhaustion sets in. Related: Backpack SOL Staking & Robinhood Interest Builds Solana (SOL) Price Rally Meanwhile, the MACD remains bullish with the MACD line (blue) staying above the signal line (orange), and histogram bars are green, indicating ongoing buying pressure. Support levels are likely around $163.60 (1.618 Fib) and $156.21 (1.0 Fib), should the price experience a short-term retracement. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Twenty Senate Democrats in the U.S. have put forward a new bill designed to restrict cryptocurrency endorsements and related activities among top government officials and their immediate families. The proposed law, introduced on May 7, aims to address rising scrutiny over potential conflicts of interest at the highest levels of the U.S. government. The bill, officially named the “End Crypto Corruption Act of 2025,” seeks to prohibit a wide range of senior officials from issuing, promoting, or endorsing cryptocurrencies. This list includes the president, vice president, members of Congress, and select executive appointees. These proposed restrictions also extend to their spouses and dependent children, covering their terms in office and an additional year after they depart. The legislation would apply to all promotional activities and sponsorships connected to cryptocurrencies. However, ordinary sales transactions would still be permissible. According to the bill’s current draft, violations could lead to monetary fines or potential jail time. This legislative action follows growing concern among lawmakers about reported profits from memecoin activities linked to President Trump and his wife. Questions also surround Elon Musk, who serves as a special government employee in the Department of Government Efficiency (DOGE). Musk recently clarified that, despite speculation, DOGE has no plans to use the Shiba Inu-themed memecoin. Related: GENIUS Act Blocked After Senate Democrats Object to Security and Optics While the bill aims to restrict endorsements by officials, clarity is still needed on whether President Trump’s role as “chief crypto advocate” for World Liberty Financial would fall under its scope. This firm, reportedly more closely associated with his sons and other senior officials, is linked to promoting digital assets, including WLD1 stablecoins. Related: South Korea Cracks Down on Corruption in Crypto Enforcement Senate Democrats also voiced concerns about a reported $2 billion transaction involving WLD1 between crypto exchange Binance and an Abu Dhabi-based investment firm. These developments have amplified calls for stricter controls on cryptocurrency-related activities by government personnel. The introduction of the crypto endorsement ban occurs amidst wider debates on digital asset policy within the U.S. A separate legislative effort, the “Guiding and Establishing National Innovation for US Stablecoins of 2025 Act” (GENIUS Act), failed to pass a procedural vote in the Senate on May 8. This bill, sponsored by Senator Bill Hagerty and backed by both Republican and Democratic lawmakers, aimed to create a federal framework for stablecoins. Despite bipartisan support and proposed amendments to address anti-money laundering concerns, the stablecoin bill did not secure sufficient backing to advance. Treasury Secretary Scott Bessent, in a comment noted on X.com, described the failed vote as a “missed opportunity” to strengthen U.S. financial leadership in the digital asset space. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Japanese investment firm Metaplanet has surpassed El Salvador in total Bitcoin holdings. The Tokyo-listed company disclosed a fresh $126.7 million Bitcoin purchase on Monday, May 12. Metaplanet’s Bitcoin holdings now at 6,796 BTC, makes it Asia’s largest public-listed corporate BTC holder. Today, May 12, Metaplanet announced the acquisition of 1,241 Bitcoin at an average price of $102,119 per coin. Based on current market valuation, the total investment is valued at close to $127 million. This transaction also marks Metaplanet’s highest purchase price per Bitcoin so far. Related: Metaplanet’s Bitcoin Bet: Tokyo Firm Adds Millions More in BTC to Treasury The purchase raised its total Bitcoin holdings to 6,796 BTC worth $707 million, bringing the unrealized profit to $99 million from the total purchase price of $608 million. In comparison, El Salvador currently holds 6,174 BTC valued at approximately $645.1 million, according to Nayi. Following the announcement, Metaplanet CEO Simon Gerovich took to X to highlight the milestone. “Metaplanet now holds more Bitcoin than El Salvador,” he wrote. “From humble beginnings to rivaling nation-states, we’re just getting started.” Metaplanet has funded its Bitcoin accumulation through a series of bond sales. On May 10, the firm announced its 14th ordinary bond issuance, raising $21.25 million. This funding model has enabled Metaplanet to pursue a steady and aggressive acquisition strategy. The company purchased 18,925 BTC in March, 18,586 BTC in April, and 5,555 BTC on May 7—just days before its latest buy. Metaplanet reported a Bitcoin Yield of 38% for the second quarter to date. The firm achieved a 95.6% yield in the first quarter of 2025 and a year-to-date growth of 170%. The yield metric reflects the change in Bitcoin holdings per fully diluted share. The company’s shares rose 3.82% in Monday trading on the Tokyo Stock Exchange, suggesting positive investor sentiment following the announcement. According to Bitcoint Treasuries , Metaplanet now officially ranks as Asia’s largest corporate Bitcoin holder. Related: Metaplanet’s Stock is Up 3,600% Thanks to Bitcoin Strategy, the firm led by Michael Saylor, remains at the top with 555,450 BTC, worth about $57.8 billion. On Monday, Saylor hinted at another purchase by posting a chart of Strategy’s Bitcoin holdings along with the caption, “Connect the dots.” Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Abu Dhabi has initiated a new project to establish a quantum-resistant blockchain infrastructure for government and economic applications. The initiative, led by the Department of Government Enablement (DGE), aims to protect the emirate’s digital systems against emerging computational threats from quantum computing. It also seeks to enhance Abu Dhabi’s position in advanced technology deployment. Agile Dynamics, a consulting firm with experience in decentralized architecture, is the primary partner supporting the program’s development and execution of this government blockchain UAE project. At the project’s core is designing a sovereign Layer 1 blockchain protocol that is both Ethereum Virtual Machine (EVM)-compatible and resistant to quantum computing attacks. The system will use post-quantum cryptographic primitives to maintain long-term security for major national data and digital transactions. This system is a foundational layer for trusted digital operations across the public and private sectors. The deal also incorporates protocol-level regulatory compliance and cross-chain interoperability standards. These measures prepare the blockchain network for global use cases and future expansions involving international digital services. Related: Circle Gets Regulatory Go-Ahead in Abu Dhabi as USDC Growth Accelerates Beyond the Layer 1 blockchain, the collaboration will assess technical pathways to build an integrated decentralized finance (DeFi) framework. This agreement intends to improve the efficiency of international trade finance by offering instant settlement and transaction transparency mechanisms. A third partnership component evaluates the feasibility of a Foreign Direct Investment (FDI) as-a-service tokenization model. This pilot will examine how blockchain-based systems could streamline investment flows, manage capital deployment, and increase transparency for stakeholders involved in cross-border economic activities. Agile Dynamics will spearhead the technical design across blockchain business architecture, tokenization models, and AI integration. Leading personnel include Paul Lalovich, Ema Vukovic, Yilmaz Yadırgı, Philipp Kishkovarov, and Nikola Mandic. Related: UAE Approves Ripple-Backed Hidden Road to Open Abu Dhabi Crypto Office The team will work alongside affiliate experts such as Henrik von Scheel (digital economy), Srđan Vukmirović (quantum-resistant cryptography), and Darko Capko (blockchain systems). According to DGE, the project is intended to support the UAE capital’s long-term transition to a knowledge-based digital economy. Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.