SOL has risen 7% in the past 24 hours, extending its weekly gain to 32%. This follows a price breakout above the crucial two-month resistance zone of $78-$79, marking the clearest structural repair since June.
After clearing $79, SOL first climbed to $88 and then reached $103.50. Sellers halted further gains at the peak, leading SOL to retrace to around $87. This tested whether buyers could hold the breakout.
Buyers ultimately re-established support in the $92-$97 range, preventing a full retracement to the original breakout zone of $79. Subsequently, buying momentum resumed, pushing SOL back above $100 to $101.12, bringing the previous high of $103.50 back into view.
A 4-hour candle close above $103.50 would indicate that supply pressure in this area has been absorbed, potentially extending the upward momentum to $115. If resistance is encountered again, market focus will shift back to $92-$97. A break below this level would bring $87 into focus.
BSOL Hits Record Daily Trading Volume
The Bitwise Solana Staking ETF (BSOL) achieved a record daily trading volume of $108.65 million. The previous daily high was approximately $60-80 million, with typical trading volumes ranging between $15 million and $40 million.
Over four trading sessions, BSOL accumulated $261 million in volume, averaging about $65.25 million per day. This suggests that trading activity had increased even before SOL's price surge, not just on a single day.
However, ETF trading volume only represents turnover among investors, not new fund inflows, and does not directly equate to spot SOL buying. While the record demonstrates improved ETF liquidity, whether new capital supports it still requires data on net inflows.
Key Levels
At the time of writing, SOL is trading at $101.98, still below the resistance zone of $103.16-$103.50. A confirmed break above $103.50 on the 4-hour chart would set the first target at $106.80, followed by $110.88, $112.70, and finally the psychological level of $115.
On the downside, $99.52 serves as an early warning level, corresponding to the 23.6% Fibonacci retracement of the recent move from $87.72. A breach of this level would put the $95.44 support to the test. Falling below this intermediate zone would imply that half of the recent gains have been eroded, damaging the short-term momentum.
