SOL-USD Rallies to $149; Is $160 Next After Clearing $153 Multi-Week High?

SOL-USD Claws Back to $149 After Hitting $153 Multi-Week High

Solana’s price rebound to approximately $148.96 on April 29, following a peak at $153 on April 28, underscores the network’s resilient bounce from its early-March low near $178. While SOL-USD slipped 2.5% in the past 24 hours, daily trading volume surged to $3.08 billion, reflecting a weekly gain near 10% and signaling renewed trader engagement. With a market capitalization of roughly $77 billion, Solana is once again commanding investor attention as it stabilizes above key support.

DEX Trading Dominance and Fee Compression

Solana captured an astonishing 38% of total decentralized-exchange volume over the last 24 hours, handling $3.39 billion on April 29 versus Ethereum’s $1.65 billion. Over the past quarter, Solana outpaced leading Layer-2s with 33% higher DEX volume, processed nearly 400% more transactions, and served 180% more active addresses, per Dune Analytics. A collapse in average transaction fees to $0.0025—down 92% from January peaks—has revived Solana’s appeal for DeFi users and developers seeking rapid, low-cost execution.

1inch Integration Boosts Liquidity and Token Access

The recent expansion of the 1inch DEX-aggregator onto Solana unlocks over one million SOL-based tokens via the Fusion protocol’s advanced swap mechanics. With six new APIs available through 1inch’s Developer Portal, arbitrage and market-making activity are set to intensify, further cementing Solana’s role as a critical DeFi hub. This integration has already buoyed on-chain activity and is likely a catalyst behind the altcoin’s multi-week price high.

Institutional Buyers Step In with $48.2 Million Janover Stake

DeFi Development Corp. (formerly Janover) disclosed a $1 billion SEC filing that includes a $48.2 million SOL purchase and plans to operate validators earn staking rewards. This move, modeled after Bitcoin treasury plays, signals a shift in corporate treasuries diversifying into high-yield digital assets. Solana’s entrance into Canada’s first spot SOL ETF further underscores a growing institutional appetite that could presage U.S. regulatory green lights and more substantial inflows.

On-Chain Metrics Highlight Accumulation and Sentiment

The Net Unrealized Profit/Loss (NUPL) indicator places Solana in the “Hope” zone, historically a precursor to rallies as sentiment shifts toward Optimism. Glassnode data show long-term holders’ net position change spiking, indicating fresh accumulation and reinforcing confidence in sustained price recovery. Together, these on-chain signals suggest a firm foundation beneath current price levels.

Technical Patterns Point to $160–$171 Short-Term Targets

On the four-hour chart, SOL-USD has broken above the descending channel and is coiling in a bullish flag between $145 and $155. A clear breakout above $150 could fuel a move to $160, with Fibonacci resistance at $171.43 marking the 0.618 retracement of the March decline. Daily RSI sits at 61, offering headroom before overbought, while the MACD has formed a near-term bearish crossover—cautionary, but not yet negating the rally. Weekly charts reveal a bullish engulfing candle and the completion of an inverse head-and-shoulders pattern on SOL/BTC, with a 0.00162 BTC neckline ($143) that, if cleared, projects a 26% gain back toward $205.

Longer-Term Cup-and-Handle and Bullish Projections

Ali Charts identifies a cup-and-handle spanning mid-2022 to early 2024, with resistance at $195–$200. A decisive breach could propel SOL toward $392, based on the pattern’s depth. DigitalCoinPrice forecasts an average of $293.91 for 2025 and up to $794.91 by 2030, while shorter-term models from CoinCodex predict a mild pullback to $139–$137 over the next quarter before resuming higher trajectories.

Funding Rates Reflect Short Squeeze Potential

Solana’s negative funding rate of –0.0015% on perpetual futures indicates shorts are paying longs, an unusual situation given recent price gains. This dynamic often precedes short squeezes, suggesting that persistent buying pressure could reignite as bearish bets face mounting costs.

Strategic Verdict: Accumulate on Dips Toward $145

Given robust DEX volumes, dramatically lower fees, growing institutional stakes, supportive on-chain metrics, and bullish technicals, SOL-USD looks poised to test resistance at $160–$171 in the weeks ahead. Ideal entry zones emerge near $145, with a stop-loss below $137. Breaching $180 would validate a shift to full renewal, while failure to hold $145 risks revisiting $120. On balance, the evidence supports a buy stance, aiming for targets between $160 and $200 over the next month.

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