SOL Surges 5.78% Amid Record Network Activity and Staking ETF Speculation, Tests $165 Resistance

Solana (SOL) is currently trading at $160.69 with a 24-hour trading volume of approximately $3.57 billion, reflecting a 5.78% price increase from the previous day's open of $151.91 and positioning SOL as the 6th largest cryptocurrency by market capitalization. The recent price surge is primarily attributed to record network activity on the Solana blockchain, renewed investor interest following the launch of new staking options, and speculation around potential approval of Solana staking ETFs. Broader market sentiment has also been influenced by the Federal Reserve’s cautious stance on interest rate cuts, which has impacted overall cryptocurrency market conditions. Technical analysis indicates SOL is testing key resistance levels near $165, with current momentum supported by increased ecosystem development and bullish trading patterns.