Solana Price Surges, Breaks $160 Resistance, Eyes $200+
Solana price has rebounded from a three-week low of $126, driven by robust on-chain growth. DeFi total value locked (TVL) on Solana climbed 18.1% to $9.19 billion, while active daily addresses rose 14% to 3.34 million. During U.S. trading on July 16, SOL traded between $157.23 and $162.89, reflecting broader market momentum and ETF speculation. Technically, Solana price formed an inverted head-and-shoulders between $157.80 and $168.28, hinting at a breakout. The token has since surpassed the $160 resistance, confirming a bullish continuation. A close above $160 could target $200, aligned with the 1.618 Fibonacci extension of the $118–$145 base, and even $300 in a sustained uptrend. Conversely, a drop below $155 risks a return to the $135–$140 support zone. On higher timeframes, a cup-and-handle pattern below the 50- and 200-day moving averages suggests further upside to $240–$260. Traders should monitor trading volume, daily closes and TVL metrics to confirm momentum.
Bullish
The combined on-chain data and technical patterns point to a bullish outlook for SOL. Rising DeFi TVL and active addresses signal strong user adoption, while the inverted head-and-shoulders and subsequent breakout above $160 confirm immediate upward momentum. Short-term traders may target $200 using Fibonacci extension levels, and risk management at the $155 support level. In the medium to long term, the cup-and-handle formation below the 50- and 200-day moving averages suggests potential gains to $240–$260, with $300 achievable if buying pressure persists. Overall, growing on-chain metrics and multiple bullish chart patterns support further upside and improved market confidence.