Solana (SOL) Climbs 5% as Institutional Demand and DeFi Growth Fuel Optimism
Despite heightened global trade tensions creating uncertainty across markets, Solana has stood out with a strong rally, gaining over 5% in the last 24 hours. This surge is backed by increasing institutional interest and impressive growth in Solana’s decentralized finance (DeFi) ecosystem.
SOL broke above the crucial $180 support level for the first time since February, according to CoinDesk Research’s technical analysis. This milestone reinforces Solana’s position as a leading blockchain for DeFi applications.
Technical Highlights:
- SOL followed a clear upward trend, supported by robust volume around the $173 level. At 19:00, the token experienced a breakout rally, soaring 5.8% on a volume of 2.5 million tokens — more than twice the daily average.
- After peaking at $184.72, SOL retraced slightly but held steady above the $180 support, signaling persistent bullish momentum. Resistance now sits near $184.
- The last hour saw increased volatility as SOL reached $182.47 before strong selling pressure caused a 1.24% dip to $180.21.
- This price movement created a distribution pattern with volume spikes over 79,000 units during the correction, establishing a resistance zone between $182.00 and $182.50.
- After bouncing off support at $180.37, SOL attempted to recover toward $181.50 but faced renewed selling pressure, resulting in a consolidation phase between $180.80 and $181.40 as traders reassess the trend.
With institutional buyers increasing their exposure and DeFi metrics showing strong growth, Solana appears poised for further upside. However, near-term consolidation highlights cautious optimism in a volatile market.
