5 hours ago
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SOL showed renewed strength Saturday as it rebounded from a low of $147.13 to trade back above $151, despite lingering global macroeconomic headwinds. The recovery comes amid a spike in on-chain activity, with Coin Days Destroyed surging to 3.55 billion—its third-highest level this year—indicating movement of long-dormant tokens.
The bounce off $147 confirmed a bullish double bottom pattern, supported by rising volume and a return to a short-term bullish channel on the 6-hour chart. Solana now faces overhead resistance near $152.85, where sellers previously stepped in, but a move above that level could open the door toward the $155–$157 zone.
While Solana’s network fundamentals remain strong, the broader macro environment continues to inject volatility into crypto markets, with ongoing US-China tariff disputes and rising global bond yields weighing on investor confidence.
Technical Analysis Highlights
- SOL rallied from $147.13 to $152.94, gaining 3.95% intraday.
- Double bottom formed near $147.50, signaling a potential trend reversal.
- Resistance is developing at $152.50–$153.00, capping upward momentum.
- Bullish channel seen on 6-hour chart, with volume rising on green candles.
- Coin Days Destroyed spiked to 3.55 billion, its third-highest reading in 2025.
- Price dropped slightly in the last hour from $152.51 to $151.77 (0.48%).
- Hourly chart shows bearish engulfing pattern; $150.85 is near-term support.
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