Bullish Signals for Solana Target Key Resistance Level

Solana [SOL] is showing signs of a potential bullish breakout after successfully testing a critical support level. This altcoin has been consolidating within a bullish pennant pattern for the past five months.

Azcnews Bullish Signals For Solana Target Key Resistance Level

Over the past 24 hours, SOL rebounded from the lower boundary of the pennant, indicating increased buying pressure at this support level.

This crucial support could act as a springboard for a potential rally toward the next resistance level around $153. The $153 resistance is significant for SOL bulls, as a decisive break above this level could reignite buying interest and pave the way for a retest of previous highs.

Solana Chart
Solana Chart

Reduced Selling Pressure Fuels Bullish Momentum

In line with the price action, Net Flow data from DeFiLlama reveals a substantial decrease in selling activity over the last 24 hours. Net Flow dropped from 9.58 million to -0.32 million at the time of reporting, signaling a notable reduction in selling pressure.

SOL DeFi Demonstrates Its Strength

In addition to the decrease in net flow, Solana’s Total Value Locked (TVL) is also trending upward, reflecting growing confidence in the network’s DeFi ecosystem among users.

Tvl Sol
Tvl Sol

This growth suggests that more capital is being funneled into Solana-based protocols, which is a positive indicator of network adoption. Moreover, data from Santiment shows that development activity aimed at enhancing the Solana network has accelerated in recent weeks.

Historically, such spikes in development activity have triggered significant price rallies, presenting a bullish signal for Solana enthusiasts. At the same time, Social Volume has shown a gradual increase, with this rising social attention often leading to heightened trading activity and price volatility.

The convergence of SOL’s technical and on-chain metrics paints a bullish picture. If Solana manages to break through the resistance level, the price could continue its upward trajectory.

(1 vote)

5.0/5

(1 vote)

Latest

Crypto Market Surpasses $4 Trillion, Overtakes Microsoft Amid Policy Boost

News | Altcoin | Bitcoin | Editor Choice

Crypto Market Surpasses $4 Trillion, Overtakes Microsoft Amid Policy Boost

The cryptocurrency market has surpassed $4 trillion in market capitalization for the first time, overtaking Microsoft, driven by supportive U.S. policies and a surge in investments from both individuals and institutions.

Xrp Explodes, Whale Moves Spark Bullish Momentum

News | Altcoin | Editor Choice

XRP Explodes, Whale Moves Spark Bullish Momentum

XRP’s open interest has surged by over 18%, accompanied by a spike in derivatives volume and a golden cross in the MVRV ratio, fueling investor expectations of a major upcoming price breakout.

Xrp Reaches New Peak After 7 Years Of Waiting

Altcoin | Editor Choice

XRP Reaches New Peak After 7 Years of Waiting

This morning, Ripple (XRP) officially reached a new peak at $3.60, becoming the third-largest cryptocurrency in the market.

Donald Trump Plans To Allow Pension Funds To Invest In Crypto

Policy & Regulations | Editor Choice

Donald Trump Plans to Allow Pension Funds to Invest in Crypto

U.S. President Donald Trump aims for pension funds in the country to allocate capital into assets such as gold, private securities, and especially cryptocurrencies.

Wintermute Reports No More Eth Available For Sale Via Otc

Altcoin | Editor Choice

Wintermute Reports No More ETH Available for Sale via OTC

Wintermute has reported that the amount of ETH sold through OTC has run out, indicating impressive buying activity from institutions targeting Ethereum.