Solana’s SOL Rebounds Above $151 as Dormant Tokens Stir and Technicals Flash Bullish
Solana’s native token, SOL, staged a notable recovery on Saturday, climbing back above $151 after falling to a low of $147.13 earlier in the day. The rebound signals renewed investor interest, even as global macroeconomic uncertainty keeps broader market sentiment fragile.
At last check, SOL was trading at $142.70, having posted an intraday gain of nearly 4%, reaching as high as $152.94. The bounce from the $147 level confirms a bullish double bottom pattern, bolstered by rising trading volume and a re-entry into a short-term ascending channel on the 6-hour chart.
One of the most notable on-chain developments was a sharp spike in Coin Days Destroyed, which jumped to 3.55 billion—the third-highest reading of the year. This surge reflects a movement in long-dormant tokens and suggests increased conviction among longer-term holders.
Solana now approaches a key resistance zone near $152.85, a level where selling pressure has emerged previously. A breakout above this could pave the way toward the $155–$157 range. However, the hourly chart has begun to show signs of cooling, with a bearish engulfing candle and minor price slippage back to $151.77.
Key Technical Takeaways:
- Price Range: SOL rallied from $147.13 to $152.94, gaining 3.95% intraday.
- Reversal Signal: A double bottom pattern near $147.50 supports a potential trend shift.
- Resistance Levels: Sellers are likely to re-emerge near $152.50–$153.00.
- Volume Dynamics: Rising volume on green candles confirms renewed buying interest.
- On-Chain Activity: Coin Days Destroyed surged to 3.55 billion—highest since April.
- Short-Term View: Minor pullback to $151.77, with support forming near $150.85.
Despite strong network fundamentals and bullish technical signals, Solana remains exposed to broader market forces. Global uncertainties, including escalating US-China trade tensions and rising bond yields, continue to cast a shadow over risk assets, including crypto.
