Solana is leading the crypto rebound as bulls drive the token toward $160, buoyed by surging user activity and rising on-chain engagement. Despite broader market jitters, SOL has rallied nearly 7% over 24 hours, helped by record transaction throughput and a spike in daily active addresses.
The rally gained steam after SOL bounced from a mid-day dip, with accumulation visible on key pullbacks, according to CoinDesk Research's technical analysis data model.
Technical structure remains constructive, supported by healthy volume and higher lows. Analysts say the breakout remains valid as long as prices hold above recent support, with $165 emerging as the next upside target if momentum persists.
Technical Analysis Highlights
- SOL surged from $153.66 to $159.92 over 24 hours, marking a 6.9% gain and a $10.57 range.
- Key breakout above $155.55 confirmed by rising volume, initiating strong upside momentumNew resistance formed at $162.46 after two failed retests, with a double-top pattern near $160.20.
- Support held at $151.89–$152.21, validated by high-volume accumulation during the 13:00–14:00 hour.
- $159.85 now acting as short-term support; buyers defended this level during the final session.
- 61.8% Fibonacci retracement at $159.73 reinforced as intraday floor.
- Consolidation just below $160 signals continuation potential if bulls reclaim $162
