Solana trades near $168 with a bullish wedge forming, targeting a breakout toward $200.
DeFi TVL on Solana climbs from $7B to $10B, reflecting growing network activity and demand.
Galaxy Digital’s tokenized equities and Alpenglow upgrade boost Solana’s bullish outlook.
Solana (SOL) is consolidating near $168, showing strong technical structure and renewed buying interest. After a clear rebound from key support zones and rising on-chain activity, traders and analysts suggest that the chart setup is positioning for a sharp move, potentially back toward the $200 level.
Technical Patterns and Key Support Confirm Bullish Structure
Solana’s price recently bounced from a low of $159.69, rising over 6% to retest the $170 zone. According to analysis prepared by Daan Crypto via X, SOL filled an inefficiency at $180 and was rejected from the daily 200-day moving average.
It is now trading within a range between $150 and $180, with support holding firm near $165. Analyst Satoshi Flipper pointed to a falling wedge formation on the 4-hour chart. A breakout above the wedge resistance, confirmed by volume, could trigger a push toward the $180 area.
The chart structure shows a series of higher lows and higher highs, which supports a continued uptrend. $180–$190 remains a crucial resistance zone that, if broken, may clear the way toward higher targets.
On-Chain Growth and Institutional Support Add Momentum
Solana’s broader strength is supported by institutional activity and network expansion. According to VipRoseTr, the $120–$130 zone served as a strong accumulation area, and price has since moved up over 38% to around $166.
Galaxy Digital’s partnership to launch tokenized equities on Solana has added to this sentiment. On-chain development has also accelerated. Anza recently introduced a new consensus upgrade called Alpenglow, improving transaction finality and latency.
https://twitter.com/CryptoCurb/status/1925059864616747325
Meanwhile, Solana’s total value locked in DeFi has grown from $7 billion to over $10 billion in recent weeks, signaling a rise in real usage and capital flows. With the current consolidation showing strength and demand increasing across technical and fundamental metrics, Solana could accelerate toward the $200 mark in the short term.
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