Despite a 1.1% drop in the last 24 hours, Solana (SOL) is holding firm above the $112 support level. The current price is $131, with trading volume down nearly 11% to $4.2 billion. Technical patterns and rising DEX activity suggest potential for upward movement.
Bullish Reversal Patterns and Key Resistance Levels
Crypto analyst Kingpin Crypto shared a promising setup for Solana forming an inverse head-and-shoulders pattern on the daily chart. This pattern is often considered a bullish reversal indicator when confirmed by a break of neckline resistance. The analyst emphasized that holding above $115.11 is key for further upward movement. If the pattern holds, Solana could first target the $147-$153 zone, then potentially test $200.
On-Chain Growth and Memecoin Activity Support SOL Price
According to data from Dune Analytics and CoinGecko, Solana’s network activity has risen sharply due to a surge in memecoin launches. Over 34,000 new projects were deployed on March 24 through Pump.fun, showing renewed demand. This mirrors a previous wave in late 2024 that preceded a strong price rally.
DEX Market Shows Strong Performance
Solana is also outperforming rivals in DEX volumes and protocol fees. The network saw $2.5 billion in DEX activity in the past 24 hours, ahead of Ethereum and BNB. Top protocols like Jupiter and Pump have contributed to this growth.
Network activity and a rise in memecoins provide a solid foundation for further growth for Solana, with key support and resistance levels indicating potential movement towards targets of $147 and above.
