Solana Rallies Nearly 7% as User Activity Drives Prices Toward $165
Solana (SOL) is experiencing a price rebound, approaching $160 due to increased user activity and on-chain engagement. In the last 24 hours, SOL rose nearly 7%, driven by strong transaction throughput and a rise in daily active addresses.
The price recovery followed a dip, with accumulation evident during key pullbacks. Technical analysis indicates that the upward trend remains valid as long as prices stay above recent support levels. The next target is $165 if momentum continues.
Technical Analysis Highlights
- SOL rose from $153.66 to $159.92, a gain of 6.9% with a range of $10.57.
- Breakout above $155.55 confirmed by rising volume, initiating upward momentum.
- New resistance at $162.46 formed after failed retests, with a double-top pattern near $160.20.
- Support held at $151.89–$152.21, validated by high-volume accumulation.
- $159.85 serves as short-term support; buyers defended this level recently.
- 61.8% Fibonacci retracement at $159.73 acted as an intraday floor.
- Consolidation below $160 indicates potential continuation if bulls reclaim $162.