Solana is experiencing a significant surge as increased user activity drives the price of the token toward $165. In the last 24 hours, SOL has seen a price rally of nearly 7%, boosted by record transaction throughput and a considerable rise in daily active addresses. This upward momentum follows a mid-day dip, with data from CoinDesk Research indicating strong accumulation during key pullbacks. The technical structure supports positivity, highlighted by healthy trading volume and a pattern of higher lows. Analysts suggest that as long as SOL maintains price levels above recent support, the breakout remains legitimate, positioning $165 as the next target if current momentum continues.
Technical Analysis Insights:
- SOL's price jumped from $153.66 to $159.92 in under 24 hours, marking a gain of 6.9%.
- A breakout above $155.55 was confirmed by rising volume, indicating strong upward momentum.
- A new resistance level was established at $162.46 following two unsuccessful tests, creating a double-top pattern near $160.20.
- Support has remained robust at the $151.89-$152.21 range, validated by high-volume accumulation during peak trading times.
- The price at $159.85 has now become short-term support as buyers defended this level in the final session. The intraday floor at $159.73 aligns with the 61.8% Fibonacci retracement level, reinforcing this support zone. The ongoing consolidation just below $160 suggests that bullish activity may resume if the $162 level is reclaimed.
Technical Analysis Insights:
- SOL's price jumped from $153.66 to $159.92 in under 24 hours, marking a gain of 6.9%.
- A breakout above $155.55 was confirmed by rising volume, indicating strong upward momentum.
- A new resistance level was established at $162.46 following two unsuccessful tests, creating a double-top pattern near $160.20.
- Support has remained robust at the $151.89-$152.21 range, validated by high-volume accumulation during peak trading times.
- The price at $159.85 has now become short-term support as buyers defended this level in the final session. The intraday floor at $159.73 aligns with the 61.8% Fibonacci retracement level, reinforcing this support zone. The ongoing consolidation just below $160 suggests that bullish activity may resume if the $162 level is reclaimed.
