Solana (SOL) led the crypto market higher on Wednesday, posting a nearly 7% gain as surging on-chain metrics and strong accumulation activity pushed the token closer to the $160 level.
Despite macro uncertainty, SOL rallied from $153.66 to $159.92 over 24 hours, powered by a resurgence in network demand and increased user participation. The move comes amid record transaction throughput and a notable spike in daily active addresses, signaling rising confidence in the protocol’s long-term utility.
The bullish momentum accelerated after SOL recovered from a midday dip, with buyers stepping in aggressively on each pullback. CoinDesk Research’s technical model confirmed that accumulation zones formed consistently around key support levels, helping maintain a constructive price structure.
Analysts note that the breakout above $155.55 was confirmed by surging volume, setting the stage for further upside. With $165 emerging as a near-term target, the continuation of this rally will depend on whether bulls can hold above short-term support near $159.
Technical Breakdown
- Price Action: SOL rose 6.9%, trading in a $10.57 range from $153.66 to $159.92 over the session.
- Breakout Level: Key breakout above $155.55 confirmed by strong volume, driving bullish momentum.
- Resistance: A double-top pattern near $160.20 and failed retests at $162.46 mark new overhead resistance.
- Support: High-volume accumulation between $151.89 and $152.21 supported the rally during the 13:00–14:00 window.
- Intraday Floor: $159.85 has emerged as a short-term support zone, reinforced by the 61.8% Fibonacci retracement at $159.73.
- Outlook: Price consolidation just below $160 hints at a potential continuation pattern, with $162.46 as the next resistance to clear for bulls eyeing a move to $165.
With Solana showing both technical strength and rising network fundamentals, traders are watching closely to see if this breakout can extend into a broader altcoin recovery.
