Solana Reaches $165 Amidst Record User Engagement

SOL experiences a surge of nearly 7%, breaking through the $159 resistance, driven by significant network activity and strong on-chain metrics.

Key Highlights:

• SOL jumped 6.9% from $153.66 to $159.92 as bullish momentum surfaced.
• Recent data shows daily active addresses hit all-time highs, contributing to increased transaction throughput.
• The price target of $165 is now anticipated after testing the $162.46 mark twice.

Despite the overall market hesitation, Solana (SOL) is making impressive strides toward $160, spurred by strong user engagement and activity on the blockchain. After recovering from a midday low, SOL saw an increase of about 7% over a 24-hour period, aided by record transaction activity and a notable rise in daily active addresses.

The uptick in price was particularly pronounced as SOL demonstrated resilience after a midday dip, with accumulation observed at critical points, according to technical analysis from CoinDesk Research.

Technical Observations:

• SOL surged from $153.66 to $159.92 in 24 hours, marking a 6.9% increase.
• Volume trading increased, validating the breakout above $155.55, indicating strong upward momentum.
• Resistance at $162.46 has been developed, following two unsuccessful attempts to surpass it, forming a double-top around $160.20.
• Support levels range from $151.89 to $152.21, recognized through heavy accumulation during trading.
• The price of $159.85 is now acting as short-term support; this level was defended robustly during closing trading hours.
• The 61.8% Fibonacci retracement level at $159.73 reinforced this as a temporary floor.
• Consolidation below $160 suggests potential for continuation if bulls can reclaim the $162 mark.