Will Solana Break $153 Resistance? A Look at the Road Ahead for Sol

• Solana retested the major support level of the flag at the time of publishing this report.
• Metrics and rising TVL indicated the strength of the growing ecosystem.

Solana [SOL] Signs of a potential bullish breakout are emerging after a successful test of key support. The altcoin has been consolidating inside a bullish pennant pattern for the past five months.

Over the past 24 hours, SOL stock has bounced off the lower line of the pennant pattern, indicating increased buying pressure at this support level.

This major support could act as a starting point for a potential rally to the next resistance level at around $153.

The $153 resistance level is important for SOL investors. A clear break above this level could lead to a return of buying pressure and pave the way for a retest of the previous highs.

Source: TradingView

Lower selling pressure fuels rally

In addition to the above price action, DeFiLlama’s net flow data indicates that sellers have reduced significantly over the past 24 hours.

Accordingly, net inflow decreased from 9.58 million to -0.32 million at the time of publication, indicating reduced selling pressure.

Source: DeFiLlama

SOL DeFi Flexes Its Muscles

In addition to the low net flow, Solana’s total value locked (TVL) has been on an increasing trajectory, indicating growing confidence in the DeFi ecosystem among the network’s users.

This growth indicates additional funds being deposited into Solana-based protocols, which is a positive indicator of the network’s adoption.

Source: DefiLlama

Furthermore, development activities geared toward improving the Solana network have ramped up in recent weeks, according to Santiment data.

Historically, this surge in development activity has led to significant price increases. This is a positive sign for Solana investors.

Source: Santiment

Read Solana’s book [SOL] Price forecast 2024-2025

At the same time, social trading volume indicated a general gradual increase. This increased social interest often leads to increased trading activity and price movements.

Source: Santiment

The confluence of SOL’s technical and metrics paints a bullish picture. If Solana breaks the ascending resistance level, we could see further price gains.