Solana bulls successfully defended the critical $166 support level, fostering speculation of upward momentum toward the $255 mark. On-chain data reveals heightened whale activity, including a significant $12 million withdrawal from Binance to an unidentified DeFi platform, bolstering positive sentiment amid strengthening technical indicators.
Market analysts identify the $161-$166 zone as a crucial support cluster. A sustained hold above this threshold, coupled with emerging signals like the Golden Cross formation, is essential for continued bullish momentum. Simultaneously, accelerating DeFi adoption on Solana is generating increased ecosystem demand, with protocol engagement acting as a potential catalyst for price appreciation.
Further strengthening Solana’s outlook, wallet provider Phantom finalized its acquisition of analytics platform Solsniper. This strategic move is anticipated to enhance retail and DeFi infrastructure, likely encouraging greater user adoption and driving on-chain transaction volume.
Traders are closely monitoring key resistance markers at $189.49 and $206.13; a decisive breakout could confirm a sustained uptrend. However, failure to maintain support above the psychological $158 level would significantly challenge the current optimistic technical forecast.