Solana (SOL) Reaches 2-Month High, Driven by Growing Role in the DeFi Space

SOL has surged to its highest price in two months, recently reaching $178.33. As of now, the token trades around $174.59, gaining 47% in the last month and 20% this past week. This strong performance is driven by Solana’s growing role in the DeFi (Decentralized Finance) space.

Solana (SOL) has hit its highest price in two months as the token broke above the $178.33 resistance level. It recently reached a high of $178.33, and at the time of writing, trades around $174.59.

In the past month, the token has gained more than 47%, and in the past week alone, the gains are nearly 20%. This strong performance is driven by Solana’s growing role in the DeFi space.

As per DeFiLlama, Solana recorded $3.32 billion in daily DEX volume, capturing nearly 29% of the global DEX market. More than $165 million in assets also moved from other chains like Ethereum, Arbitrum, and Base into Solana in the past month.

Solana breaks key levels, technicals show strong buying pressure

From a technical view, Solana’s price has broken above its 200-day EMA and the 1.618 Fibonacci level at $167.39, showing a strong bullish trend. The chart also shows a “three white soldiers” pattern, suggesting continued buying momentum.

However, the MACD indicator is showing signs of slowing momentum, which traders should keep in mind as it may indicate a possible short-term pullback.

The overall crypto market is also showing strength. Easing US-China trade tensions and better risk sentiment have pushed the global crypto market cap to $3.33 trillion, helping coins like Solana attract more investors.

If Solana breaks and holds above $178.33, a rally toward $200 is possible. But if it falls below $167, a short-term dip may occur. Investors should stay alert and manage risks carefully.

Key price levels:

* 200-day EMA: $151.06

* 1.618 Fibonacci: $167.39

* Resistance levels: $178.33, $186.97

* Support levels: $167.39, $160.00

The post Solana hits 2-month high as DeFi activity surges and technicals show strong buying pressure appeared first on Chain Teller.

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