Solana (SOL) Rockets Over 5% Backed by Institutional Interest and DeFi Expansion
Amid rising global trade tensions, Solana is making waves in the crypto space, fueled by growing institutional investment and robust growth in its decentralized finance (DeFi) ecosystem.
SOL surged more than 5% within 24 hours, breaking above the key $180 support level for the first time since February, according to CoinDesk Research’s technical data. This surge underscores Solana’s growing appeal as DeFi metrics continue to strengthen.
Technical Overview
- SOL built a solid upward momentum, with strong volume support forming near $173. This set the stage for a breakout rally at 19:00, where SOL jumped 5.8% on a volume of 2.5 million tokens — doubling the 24-hour average.
- After reaching a high of $184.72, SOL retreated slightly but remained above the $180 support level, signaling ongoing bullish momentum. Resistance now sits around $184.
- During the last hour, SOL showed volatility, hitting a peak of $182.47 before heavy selling pressure caused a 1.24% drop to $180.21.
- The price action formed a distinct distribution pattern, with volume spikes exceeding 79,000 units during the correction, creating a resistance zone between $182.00 and $182.50.
- After finding support near $180.37, SOL attempted to climb back to $181.50 but encountered renewed selling, resulting in consolidation between $180.80 and $181.40 as traders weigh the strength of the trend.
With DeFi adoption accelerating and institutional players entering the market, Solana’s price action suggests a promising outlook, though near-term consolidation points to cautious sentiment among traders.
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