Solana (SOL) Rises Over 5% Amid Increasing DeFi Activity
Global markets face uncertainty due to escalating trade tensions affecting both traditional and cryptocurrency sectors. Amid this, Solana has shown strong performance, increasing over 5% in a volatile 24-hour period and establishing support above $180 for the first time since February.
Technical Analysis Highlights
- SOL exhibited an uptrend with significant volume support at $173, breaking out at 19:00 with a 5.8% surge on 2.5M volume, more than double the average.
- After reaching a high of $184.72, SOL pulled back but held support above $180, indicating bullish momentum with resistance now at $184.
- In the last hour, SOL peaked at $182.47 before a decline to $180.21, marking a 1.24% drop.
- A distribution pattern emerged with volume spikes over 79,000 during the correction, creating a new resistance zone around $182.00-$182.50.
- Following support near $180.37, SOL attempted to recover towards $181.50 but faced selling pressure, suggesting consolidation between $180.80-$181.40 as traders evaluate the uptrend's sustainability.