Solana's Price Surges 3% as Bulls Challenge $145 Resistance

Solana's recent price movements have placed it at a critical juncture, with the cryptocurrency's bullish structure potentially on the verge of being regained on the 1-day chart. The volume profile of 2025 has highlighted the significance of the $145 supply zone, which is now being tested by bulls attempting to flip it into support. A decisive daily close above $145 could trigger an extended rally toward the next major resistance at $180.

Solana has witnessed a surge in whale accumulation and network activity, with the price recovering from a drop to $100 two weeks ago. The short-term sentiment in the derivatives market has shown some bearishness, which could potentially turn into a short squeeze. The $120-region is expected to act as a demand zone in case of a price drop, and volatility around Bitcoin could also impact SOL’s sentiment. At the time of reporting, bulls were challenging the $143-level in an attempt to shift the market structure bullishly on the 1-day timeframe.

The $143-level is close to the $150-psychological resistance. In 2024, the $120 and $160-levels were critical during SOL’s consolidation phase from April to September 2024. Therefore, even if the bulls manage to break the bullish structure with a move past $143, the path higher may not be smooth. The On-Balance Volume (OBV) has been in a steady uptrend over the past six weeks, but it halted its progress over the past week, indicating a struggle for control between bulls and bears. The Fixed Range Volume Profile also highlighted potential challenges for the bulls, with the Point of Control at $128.5 and the $124-$145.5 range being a high volume node in 2025. The Stochastic RSI was deep in overbought territory, suggesting a possible short-term pullback. Meanwhile, the MACD indicated strong bullish momentum on the 1-day timeframe.

The liquidation map revealed high leverage short liquidations from $140 to $144, coinciding with the overhead local resistance. This suggests that Solana is likely to sweep this liquidity pocket in the short term. After challenging $143, it remained unclear whether SOL bulls could drive more gains or if the price would be forced to pull back to $132-$136, which have been important short-term support levels. A retest of these levels would present a buying opportunity. Similarly, a breakout beyond $145 and a bullish Bitcoin could encourage SOL bulls to aim for $160 or even higher.

Solana's market momentum has been accelerating, driven by increased on-chain activity, staking interest, and significant whale inflows. The cryptocurrency has seen a 3% daily gain, pushing its price to $138.13, and a 40% surge over the past month. This upward trend has allowed Solana to break out of a descending channel and approach a strong resistance zone between $138 and $145. This area, previously a major supply zone, is now being tested by bulls attempting to flip it into support. Large-scale movements, such as Galaxy Digital withdrawing 606,000 SOL, worth $79.7 million, from exchanges and staking 462,000 SOL ($60 million), demonstrate long-term conviction among institutional players. Network metrics also show significant growth, with 29 million active addresses recorded—a 17% increase—and 374 million total transactions, surpassing all other chains combined. Additionally, decentralized exchange (DEX) volumes hit $2.27 billion daily, overtaking Ethereum, while transaction fees surged 42% to $7.67 million. This rise in on-chain demand reflects not only increasing user adoption but also expanding utility across Solana’s decentralized finance (DeFi) and non-fungible token (NFT) ecosystems, which collectively enhance the sustainability of the current uptrend.

While the spot market momentum strengthens, derivatives data shows traders remain cautiously optimistic. Open interest jumped 10.71% to $5.57 billion, while options volume soared 164.97% to $2.55 million, indicating growing interest in directional plays. However, total volume fell 31.89%, and options open interest dropped 15.20%, suggesting that traders are participating selectively, possibly hedging positions or awaiting confirmation. This hesitation aligns with the critical nature of the $145 resistance level. Liquidations offered further insight, with short liquidations reaching $5.57 million, compared to just $81.9K in long positions, signaling that sellers were caught off guard during the recent rally. This imbalance reveals strong upward pressure, possibly fueled by a short squeeze. However, funding rates have remained neutral to slightly negative, showing that while prices are rising, many traders still hesitate to enter aggressive long positions.

Solana stands at a critical juncture. Its bullish structure is backed by strong technicals, whale conviction, and surging on-chain utility. However, the $145 resistance zone remains both a psychological and technical barrier. Should bulls succeed in flipping it into support, SOL could be primed for a swift move toward $180. Until then, the market hovers at an inflection point—buyers gaining ground, but still needing confirmation to assert dominance.