Solana (SOL) is trading around $168**, marking a **1.09% increase** in the past 24 hours after recovering from an intraday low of **$165.18.
Key Market Metrics:
- Market Cap: $87.35 billion (+1%)
- 24-Hour Trading Volume: $3.61 billion (-31%)
Price Action Analysis
SOL recently broke out of a falling wedge pattern (formed since January 2025) in April 2025, triggering a 50% rally. The surge pushed the price past the $154.15 support-turned-resistance** level toward **$184.52. Despite a pullback to $165.71 due to selling pressure, the bullish sentiment remains intact.
Technical Indicators:
- RSI: 47 (neutral territory)
- Critical Support: $165** (daily close below this level could trigger a drop to **$148)
Solana Wallet Growth Signals Bullish Momentum
Crypto analyst Ali Martinez reported a record 11.16 million wallets holding ≥0.1 SOL, reflecting growing adoption. This surge in holders could fuel further gains, potentially targeting $300.
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FAQs
1. What’s driving Solana’s price recovery?
The breakout from a falling wedge pattern and increased wallet adoption are key bullish catalysts.
2. How critical is the $165 support level?
A daily close below $165** may invalidate the bullish structure, pushing SOL toward **$148.
3. Can SOL reach $300 soon?
With rising holder counts and positive technicals, $300 is achievable if buying pressure sustains.
Disclaimer: This content is for informational purposes only and does not constitute financial advice. Always conduct independent research.
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