Solana (SOL) defied the broader market downturn yesterday, surging 9% to become the best performing large-cap cryptocurrency. This price jump comes amidst rumors of a possible criminal investigation against Solana, adding a layer of uncertainty to the recent upswing.

Solana’s Unexpected Rally

SOL’s impressive gains stand out against the backdrop of bleeding blue-chip currencies like Bitcoin (BTC) and Ethereum (ETH). Trading volume also skyrocketed by 156%, propelling Solana to the third-most traded cryptocurrency (excluding stablecoins) in the last 24 hours. This surge helped to erase losses incurred over the previous week.

Some attribute the uptick to the launch of Wrapped Bitcoin (WBTC) on Solana, allowing Bitcoin to be used within Solana’s DeFi ecosystem.

Solana Under Investigation?

However, casting a shadow over this optimism are rumors, spread by a social media influencer, that Solana is under criminal investigation. The details remain unclear, but speculation links it to the SEC’s prior classification of Solana as a security. Legal experts believe Solana might not enjoy the same favorable outcome as Ethereum, whose recent investigation closure boosted investor confidence.

SOL/USD Technical Analysis Hints at Potential Growth

Despite the investigation rumors, technical analysis points towards possible continued growth for SOL. The price has been trading within an ascending triangle pattern since last October, suggesting an upward trend. The current price sits above the crucial $126 support level and the 200-day moving average, both considered bullish signals. Additionally, the MACD indicator recently crossed into bullish territory.

Solana Price Prediction

Based on the technical analysis, SOL’s price could reach the $150 area this summer, aligning with the upper boundary of the ascending triangle. However, maintaining the $126-128 support zone is crucial. A more ambitious target of $200 appears less likely in the near term.