Solana (SOL) is currently demonstrating a bullish performance, driven by key on-chain metrics. Within the past day, the trading volume increased by over 26% as investors shift their attention to SOL, a top market altcoin. Solana Breaks Key Resistance According to CoinMarketCap data , SOL rose 5.16% over the previous day, setting the price at $161. The ongoing rally comes as traders and investors accumulate more SOL coins, as indicated by the spike in trading volume. Solana has broken past the $153 key resistance level and moved to $162 during the day. This rally is attributed to daily active addresses and record transaction throughput spikes. Market analysts have highlighted $165 as the next price target for SOL as long as the momentum continues. Their expectations are not out of place, as SOL surged from $153.66 to $159.92 in just 24 hours. What Technical Analysis Shows Solana initiated a strong upside momentum after breaking above $155.55, confirmed by rising volume. After two failed retests, SOL has formed at a key resistance at $162.46, with a double-top pattern near $160.20. In the short term, SOL formed key support at $159.85, which is reinforced by the 61.8% Fibonacci retracement at $159.73. If Solana bulls reclaim $162, consolidation just below $160 signals continuation potential. Traders are optimistic that SOL could soon hit the $1,000 mark , driven by a combination of positive market sentiments. SOL Sees Massive Adoption The Solana ecosystem continues to see improvements and rising adoption amid the latest price rally. For instance, WalletConnect recently launched its token on the Solana blockchain, beginning with the distribution of five million units of WCT. This move demonstrates Solana’s growing reputation amongst its counterparts. This development comes shortly after Canary Capital filed to launch a spot Solana Exchange-Traded Fund (ETF). Canary applied to the US SEC in partnership with Marinade Finance, a popular Solana staking platform. The fund dubbed Canary Marinade Solana ETF would allow for staking, which makes it unique from similar filings. Already, there are futures ETFs in both Brazil and Canada that have placed a new focus on the top altcoin in the past few months. With institutional adoption set to keep soaring, the price of SOL may see an intense boost in the long run. The post Solana Prints 26% Increase in Key Metric as it Inches Towards $165 appeared first on TheCoinrise.com .
