Solana News Today: Solana Holds Key $166 Support as DeFi Activity Fuels Bullish Outlook Toward $255

Solana’s price has remained above the $166 support level, a critical threshold for confirming bullish momentum in the market. Analysts are paying close attention to this zone as it aligns with key technical indicators and recent on-chain activity. If Solana continues to hold above this level, it could signal a potential price rise toward $255, as suggested by market observers [1].

A notable on-chain development contributing to the bullish outlook is a whale withdrawal of 71,000 SOL, valued at around $12 million, from Binance to Kamino, a DeFi yield platform, according to Lookonchain data [1]. This activity indicates a shift in investor sentiment toward self-custody and long-term holding, reducing immediate sell pressure. Additionally, Coinglass reported a net exchange outflow of over $21 million on August 5, reinforcing the trend of capital accumulation within the DeFi space [1].

The Solana ecosystem has also seen strategic developments that could enhance its utility and adoption. Phantom, one of the leading Solana wallet providers, acquired Solsniper, a memecoin and analytics platform. This move is expected to improve infrastructure for retail and decentralized finance (DeFi) users, potentially increasing on-chain activity and volume [1].

Mary Emerald, a well-followed crypto analyst, has drawn attention to a bullish continuation setup on Solana’s daily chart. She highlighted a Golden Cross formation and a retracement to the Fibonacci level of 0.5 at $166.38, which coincides with the 200-day EMA and a failed trendline [1]. These technical signals suggest that Solana is consolidating before a potential upward move.

Despite the bullish setup, technical indicators remain cautious. The MACD histogram continues to show negative momentum, indicating that traders are closely watching key resistance levels at $189.49 and $206.13. A confirmed breakout above these levels would be necessary to validate a sustained upward trend [1]. Conversely, a drop below $158 could signal a shift in market sentiment and undermine the bullish scenario.

The broader on-chain and market environment reflects growing confidence in Solana’s long-term prospects. Whale activity, institutional-grade analytics, and infrastructure improvements are all contributing to a more robust and resilient ecosystem. As these factors continue to gain traction, the market will likely remain focused on whether Solana can maintain its position above $166 and build a sustainable path toward $255 [1].

The current price range between $161 and $166 has emerged as a significant zone of buyer support. Emerald emphasized this range as a key confirmation point for bullish momentum. If the price holds within this area, it could set the stage for a move toward $206 and potentially reach the $255.93 target level [1]. Given Solana’s historical performance, including a prior rally of over 56%, a similar upward movement is seen as a plausible scenario [1].

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[1] Solana Maintains Support Above $166 as DeFi Activity Suggests Potential Bullish Momentum Toward $255 August 7, 2025 (https://en.coinotag.com/solana-maintains-support-above-166-as-defi-activity-suggests-potential-bullish-momentum-toward-255/)