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Solana Surges Toward $165 as Record Activity Fuels Bullish Momentum
SOL gained nearly 7% after breaking above $159 with strong volume, as on-chain metrics and network demand point to sustained upside pressure.
Jun 3, 2025, 10:02 a.m.
What to know:
- SOL jumped 6.9% from $153.66 to $159.92 as bulls broke past key resistance.
- On-chain data shows daily active addresses at all-time highs and growing throughput.
- $162.46 has been tested twice, with $165 emerging as the next key target.
Solana is leading the crypto rebound as bulls drive the token toward $160, buoyed by surging user activity and rising on-chain engagement. Despite broader market jitters, SOL has rallied nearly 7% over 24 hours, helped by record transaction throughput and a spike in daily active addresses.
The rally gained steam after SOL bounced from a mid-day dip, with accumulation visible on key pullbacks, according to CoinDesk Research's technical analysis data model.
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Technical structure remains constructive, supported by healthy volume and higher lows. Analysts say the breakout remains valid as long as prices hold above recent support, with $165 emerging as the next upside target if momentum persists.
Technical Analysis Highlights
- SOL surged from $153.66 to $159.92 over 24 hours, marking a 6.9% gain and a $10.57 range.
- Key breakout above $155.55 confirmed by rising volume, initiating strong upside momentumNew resistance formed at $162.46 after two failed retests, with a double-top pattern near $160.20.
- Support held at $151.89–$152.21, validated by high-volume accumulation during the 13:00–14:00 hour.
- $159.85 now acting as short-term support; buyers defended this level during the final session.
- 61.8% Fibonacci retracement at $159.73 reinforced as intraday floor.
- Consolidation just below $160 signals continuation potential if bulls reclaim $162
AI Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.
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