Solana Shows Resilient Recovery Amid Market Headwinds
Solana (SOL) demonstrated notable strength on Saturday, rebounding from a recent low of $147.13 to trade above $151, despite ongoing global macroeconomic challenges. This rally is supported by increased on-chain activity, with Coin Days Destroyed surging to 3.55 billion—the third-highest figure this year—indicating significant movement of long-dormant tokens.
Technical analysis reveals a bullish double bottom pattern confirmed by the bounce off $147, accompanied by rising trading volume and a return to a short-term bullish channel on the 6-hour chart. While overhead resistance hovers near $152.85—where sellers previously appeared—a successful move beyond this level could pave the way toward the $155–$157 zone.
Despite Solana’s strong network fundamentals, broader macroeconomic factors continue to introduce volatility into the crypto markets. Ongoing US-China tariff disputes and rising global bond yields are weighing heavily on investor confidence, adding uncertainty to SOL’s short-term trajectory.
Key Technical Highlights:
– Solana surged from $147.13 to $152.94, marking nearly a 4% intraday gain.
– Formation of a double bottom near $147.50 signals potential trend reversal.
– Resistance levels are forming at $152.50–$153.00, limiting upward movement.
– The bullish channel on the 6-hour chart is supported by increasing volume on green candles.
– Coin Days Destroyed spiked to 3.55 billion, indicating significant token movement.
– Slight correction in the last hour from $152.51 to $151.77, with the hourly chart showing a bearish engulfing pattern; near-term support is around $150.85.
As Solana continues to demonstrate resilience, traders and investors should watch key resistance levels and macroeconomic developments that could influence the token’s next move. While network fundamentals remain strong, market volatility driven by global economic tensions suggests caution in the near term.
