Solana (SOL) is gaining bullish momentum, climbing nearly 7% in 24 hours as explosive growth in network activity supports a breakout above key resistance levels. The surge comes as traders respond to record daily active addresses and increased transaction throughput, which reinforce SOL’s position as a high-performance Layer 1 blockchain.
Breakout Fueled by Volume and On-Chain Demand
Solana jumped from $153.66 to $159.92, posting a 6.9% intraday gain backed by strong trading volume and technical breakout confirmation above the $155.55 level.
A breakout above $159 with conviction indicates renewed interest from both traders and long-term investors.
Analysts note that high-volume accumulation zones around $152 were defended multiple times, forming a strong foundation for the current rally.
Technical Analysis: Bullish Continuation in Play
The short-term structure remains bullish as SOL forms higher lows and consolidates near new local highs. Key levels to watch include:
- Support: $151.89–$152.21 zone validated during high-volume consolidation.
- Current support floor: $159.85, where buyers stepped in repeatedly during late-session trading.
- Resistance: $162.46, tested twice and forming a short-term double top.
- Fibonacci Level: 61.8% retracement at $159.73 is acting as an intraday support pivot.
- Next upside target: $165, which may come into play if SOL breaks above $162.46 with volume.
Technical consolidation below $160 suggests a possible breakout continuation if bulls maintain control.
Network Fundamentals Back Price Rally
Beyond price action, on-chain fundamentals are strengthening:
- Daily active addresses on Solana have hit all-time highs, highlighting growing user adoption.
- Transaction throughput continues to rise, demonstrating Solana’s scalability and real-world utility.
- Developer activity remains robust, and new DeFi and NFT protocols are being launched on the network weekly.
Surging on-chain engagement reinforces investor confidence in Solana’s long-term potential.
Outlook: Momentum Builds Toward $165
With volume, price structure, and network activity all aligning, Solana appears primed for further gains — particularly if resistance near $162 is broken with conviction.
If SOL holds above $159 and reclaims $162, the path toward $165 becomes increasingly likely in the near term.