SOL Gains Momentum, Eyes $165 as On-Chain Metrics Break Records

Solana (SOL) surged nearly 7% in a strong 24-hour rally, breaking through the $159 level on heavy trading volume. The latest price action reflects heightened network activity and growing demand, signaling robust bullish momentum for the popular smart contract platform.

Despite lingering market uncertainty, SOL’s price climbed steadily as daily transactions and active user counts reached record numbers. This uptick in on-chain engagement is fueling confidence among traders, supporting the token’s upward trajectory.

According to CoinDesk Research’s technical model, the token rebounded sharply after midday dips, with buyers stepping in aggressively to accumulate SOL near key support areas.

Technical indicators remain positive, with higher lows and solid volume underpinning the breakout. Analysts view $165 as the next potential resistance level, provided SOL holds above the critical $159-$160 support zone.

Key Technical Insights:

• SOL advanced from $153.66 to $159.92, representing a 6.9% gain and notable price range.
• The breakout above $155.55 was validated by rising trading volume, igniting a bullish push.
• Resistance between $160.20 and $162.46 has formed a double-top pattern, indicating a testing ground for bulls.
• Support between $151.89 and $152.21 was confirmed by strong accumulation earlier in the session.
• The 61.8% Fibonacci retracement near $159.73 acts as a crucial intraday support level.

Consolidation near $160 points to continued bullish interest, with the possibility of a further rally if the token breaches $162 with conviction.