Solana Holds Above $157 Following 6% Price Correction
Solana (SOL) experienced a pullback after reaching $163.65, dropping nearly 6% before recovering to above $157. This volatility reflects the ongoing struggle between bulls and bears near critical price levels.
Institutional interest remains strong, highlighted by Canary Capital's filing for a spot Solana ETF and WalletConnect's token launch on the network. On-chain data reveals:
- Rising daily active addresses
- 26% increase in transaction volumes
Analysts are watching for resistance at $165. Long-term outlooks remain positive due to Solana’s growing developer base and ecosystem strength as an alternative to Ethereum.
Technical Analysis Highlights
- SOL traded within a range of $9.23 (5.64%), peaking at $163.65 and dipping to $154.42
- Heavy selling at $163.50 caused a 4% drop between 20:00-21:00
- Support formed at $154.50, leading to recovery around $157
- Immediate resistance at $157.70, with consolidation above $157.30
- Bounced from $156.18 with notable volume spikes confirming a local bottom
- A short-term uptrend channel is forming between $156.40-$156.70, transitioning to broader consolidation above $156.50
- Current volume and price structure suggest buyer control, stabilizing bullish sentiment