The cryptocurrency market continues to respond to broader economic factors as Solana demonstrates resilience amid global trade uncertainties. SOL’s price action formed a clear uptrend with higher lows and higher highs, breaking through key resistance levels with institutional-grade volume suggesting accumulation despite a brief 1.35% correction in recent hours. Meanwhile, analysts point to the $166.82 level as a crucial short-term pivot, with potential for significant upward movement if SOL can maintain momentum above $177 resistance.
Technical Analysis Highlights
- SOL climbed from a low of $159.69 to a high of $173.03, representing a significant range of $13.34 (8.35%).
- Price action formed a clear uptrend with higher lows and higher highs, breaking through key resistance at $166.87.
- Above-average volume was observed around the $167-$170 zone, indicating strong buyer interest.
- Notable support established at $160.34, where buyers stepped in with conviction during early hours.
- Final four hours showed accelerated momentum with volume spikes exceeding the 24-hour average, suggesting institutional accumulation.
- A brief downward correction occurred in the last 60 minutes, falling from $172.19 to $169.87 (1.35% decline).
- The $170.00 psychological level briefly acted as support before failing.
- Final 30 minutes showed decreasing volatility and volume, potentially indicating exhaustion of selling pressure.
External References
#Rally #Fueled #DeFi #Demand #Volume
