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Solana Surges 6% on Bullish Reversal and DeFi Demand
SOL shows strong momentum with institutional buying signals despite brief correction.
Updated May 20, 2025, 1:55 p.m. Published May 20, 2025, 10:05 a.m.
What to know:
- Solana (SOL) exhibits strong bullish reversal, climbing 6.3% from $159.69 to $173.03 with significant trading volume around the $167-$170 zone, according to CoinDesk Research's technical analysis data model.
- Geopolitical tensions and trade disputes between major economies create market volatility, with traditional financial markets showing correlation to cryptocurrency movements.
- Recent treasury purchase of $24 million by DeFi Development and over $35.6 billion in weekly on-chain DEX turnover precede SOL's price surge to $184.
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
STORY CONTINUES BELOW
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- 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
- "Solana Price Holds $166 Support After Rejection From $183 – What Comes Next?", NewsBTC, published May 19, 2025.
- "Here’s What Can Trigger a Solana Bull Run", CryptoPotato, published May 19, 2025.
- "Solana Price Prediction: Rising Network Adoption May Push SOL Price Beyond $200 By May", CoinPedia, published May 19, 2025.
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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