Solana (SOL) price is currently trading near $168 after a slight bounce back following a recent dip. The crypto is up just 1.09% recorded in the last 24 hours from an intraday low of $165.18.
The market cap has also climbed by a modest 1% to $87.35 billion. However, the trading volume has dropped by 31% over the same period to $3.61 billion, according to CoinMarketCap.
The SOL price saw a rebound after it broke out of a falling wedge pattern that it had been in since Jan 2025. It broke out in April 2025 and started a massive rally crossing through the resistance turned support level at $154.15 to the resistance level near $184.52. This is a 50% climb from when it broke out.
However, strong selling pressure near this resistance caused the price to pull back to about $165.71. The Relative Strength Index (RSI) is currently at 47 which indicates that the market is heading to a neutral ground. The overall price point is bullish so this might be a short retracement.
SOL Holder Count Hits Record High
In a recent tweet, crypto analyst Ali Martinez tweeted that the number of wallets holding at least 0.1 SOL reached a new all-time high of 11.16 million. The growing number of holders could give the price a boost and help it push toward its next target price of around $300. However, If Solana closes daily below the $165 support level, the current bullish scenario could collapse, and the price may fall toward $148.
