Solana (SOL) has reached a key technical target of $117 following a trend breakout and retest, with analysts now watching whether the level can hold as support for further upside. Derivatives data shows a 73.61% surge in trading volume and an 8.17% increase in open interest, while DeFi Dev Corp. expanded its SOL treasury by 101,381 tokens. Solana also maintained its position as the leading network for weekly decentralized exchange volume for the 21st consecutive week.
Solana (SOL) has reached a key technical objective by breaking out of a trend pattern and moving toward the $117 mark. Crypto analyst Bitcoin Meraklisi pointed out that the token produced gains of 58% on the trend breakout, along with another 18% gain from the retest mark. The analyst said the third target at $117 has now been reached, marking another milestone for traders who followed the setup.
Attention is now shifting toward whether SOL can establish sustained support above this level rather than treating the move as a short-term breakout. As suggested by Bitcoin Meraklisi, if SOL breaks above $117 and holds the region as support, it could continue toward higher price regions. The levels of $141 and $176 were marked as possible upper targets for the cryptocurrency.
Derivatives market data shows rising participation in Solana. As per Coinglass figures, the volume of trades in SOL rose by 73.61% to $12.95 billion, while open interest shot up by 8.17% to $7.2 billion. The concurrent rise in volume and open interest indicates increased activity among traders holding larger positions in SOL derivatives.
Solana’s market narrative has received another boost from institutional accumulation. DeFi Dev Corp. stated there is a 4.24% increase in its SOL treasury within a week after buying another 101,381 SOL. Following the acquisition, the corporation announced its entire treasury balance is estimated at around 2.49 million SOL and SOL equivalents.
Network activity also supports Solana’s position. According to data revealed by SolanaFloor, Solana is dominating all other Layer-1 and Layer-2 networks in terms of weekly decentralized exchange volume for the 21st straight week. The persistence of DEX activity shows Solana is still experiencing substantial trading and liquidity on-chain.
The next key test from a technical standpoint is the $117 level. If the cryptocurrency manages to break out and retest, then levels like $141 and subsequently $176 may become focal points. However, a rejection at the resistance level may keep the token in the consolidation zone.
