Solana (SOL) has just surpassed the critical $160 mark, gaining 3.3% in the last 24 hours. This breakout marks a significant turning point as the cryptocurrency continues to show strength amidst ongoing market growth, especially in the DeFi space. As Solana’s ecosystem thrives, more attention is being directed towards its rapid development and TVL increases across multiple DeFi projects.
Looking at the technical analysis, Solana’s next major resistance level is around $200. The accompanying chart highlights the recent upward trend, showing consistent higher lows and a potential target of $203 if this momentum continues. Solana's ability to break through current resistance could solidify its position in the market, potentially pushing towards even higher levels. Given the strong fundamentals and ecosystem growth, the rally appears far from over.
With Solana’s DeFi ecosystem growing rapidly and key projects like Jito, Raydium, and Jupiter showing impressive TVL figures, the $160 breakout could be just the beginning of another bullish run for SOL. Keep an eye on the $200 mark, as it could be the next big target in Solana's bullish journey.