Solana Price Surges 8% on Strong Buyer Support and $1.2 Billion Revenue

Solana (SOL) has been experiencing a notable surge in its price, driven by strong buyer support and increasing investor confidence. The cryptocurrency recently rebounded from the $160 level, holding key support levels and setting new records. Wallets holding 0.1+ SOL reached 11.16 million, indicating a growing interest and confidence among investors. This rebound has sparked speculation about Solana's potential to reach new heights, with some analysts suggesting that a break above $259 could signal a new all-time high.

The recent surge in Solana's price can be attributed to several factors. The cryptocurrency recorded $1.2 billion in application revenue in Q1 2025, marking strong growth and highlighting its increasing adoption and utility. Additionally, Solana's price has shown resilience, climbing from a low of $159.69 to a high of $173.03, representing a significant bullish reversal. This momentum has been further fueled by increased DeFi activity and a strategic dip buying, which has helped Solana reclaim the crucial $170 zone with strength.

The market is buzzing with speculation about Solana potentially reclaiming the $180 price level. If SOL manages to sustain above $192 by the end of the trading day, traders might see increased buying volume targeting higher levels. This bullish sentiment is also reflected in the social dominance for Solana, which has increased to 5.18%, signaling a return of retail investor interest usually seen in early bullish phases.

Solana price formed a base above the $165 support and started a fresh increase, like Bitcoin and Ethereum. SOL gained pace for a move above the $170 and $172 resistance levels. The bulls even pushed the price above the $175 level. A high was formed at $177.50 and the price is now consolidating gains above the 23.6% Fib retracement level of the recent wave from the $165 swing low to the $177.50 high. Solana is now trading above $172 and the 100-hourly simple moving average. There is also a connecting bullish trend line forming with support at $170 on the hourly chart of the SOL/USD pair.

On the upside, the price is facing resistance near the $178 level. The next major resistance is near the $180 level. The main resistance could be $185. A successful close above the $185 resistance zone could set the pace for another steady increase. The next key resistance is $192. Any more gains might send the price toward the $200 level.

If SOL fails to rise above the $180 resistance, it could start another decline. Initial support on the downside is near the $174.50 zone. The first major support is near the $172 level or the 50% Fib retracement level of the recent wave from the $165 swing low to the $177.50 high. A break below the $172 level might send the price toward the $170 zone and the trend line. If there is a close below the $170 support, the price could decline toward the $162 support in the near term.

The strong buyer support and increasing adoption of Solana have led to speculation about its next price target. According to some analysts' forecasts, Solana could aim for $200, driven by its growing application revenue and increasing utility. However, it is important to note that these are forecasts and not guaranteed outcomes. The actual price movement will depend on various factors, including market conditions, investor sentiment, and the overall performance of the cryptocurrency market.

In conclusion, Solana's recent price movements and strong buyer support have positioned it as a potential leader in the cryptocurrency market. With increasing adoption, utility, and investor interest, Solana could be on track to reach new heights. However, investors should remain cautious and consider all factors before making any investment decisions.