Solana Maintains Support Above $166 as DeFi Activity Suggests Potential Bullish Momentum Toward $255

Key Points

1. Solana's price is currently above the $166 support level, forming a critical support zone.

2. Whale activity, including a $12 million withdrawal from Binance to a DeFi platform, supports bullish sentiment.

3. Key indicators for Solana’s price movement include support levels between $161 and $166, whale activity, and technical patterns like the Golden Cross.

4. Increased DeFi activity enhances demand for Solana, potentially driving up its price as more users engage with the ecosystem.

5. Phantom’s acquisition of Solsniper is expected to improve infrastructure for retail and DeFi users, potentially increasing user activity and on-chain volume.

6. A decisive break above resistance levels at $189.49 and $206.13 would support a confirmed upward trend, while a drop below $158 could undermine the bullish outlook.