- The Solana price is poised to extend recovery to $147 breakout amid increasing volume and formation of a double bottom pattern.
- Total value locked across Solana-based protocols climbed from $8 billion to $9.025 billion.
- A bullish upswing in 20-day exponential moving average shows the initial recovery momentum in Solana price
SOL, the native cryptocurrency of layer-1 blockchain Solana shows a bullish uptick of over 2.5% during Tuesday’s market. While the buying pressure followed the current market recovery, the Solana price gained additional momentum amid renewed momentum in user participation.
SOL Price Climbs 17% as Network Activity and DeFi Usage Surge in Early 2026
In the last two weeks, the Solana price recorded a notable recovery from $119.24 to current trading volume of $138.5, registering a 16.7% growth. Consequently, the asset market cap bounced to $78.3 billion.
This upswing gained its initial momentum from broader market recovery, but the price accelerated further on the support of user engagement.
According to the Block, the number of active addresses has bounced from 3.38 million to 3.78 million in the first week of 2026. Such an increase is indicative of an increase in the number of participants interacting with the platform either in the form of transfers or trades, or as a result of application usage.
Parallel advancements were also seen in the DeFi sector on Solana, where total value locked rose from $8 billion to $9.025 billion in the same period. This growth is representative of an increase in the amount of capital committed to protocols on the chain, often in relation to lending, liquidity provision or yield generating activities.
The metrics indicate sustained interest from individuals and entities in the use of the network during the new year. If the trend continued along with broader market support, the Solana price could witness a steady recovery this month.
Solana Price Rally Set To Hit A Pivot Resistance at $147
A deeper analysis of Solana’s daily chart shows that the recent price upswing developed into a traditional reversal pattern called double bottom. As shown in the chart below, the bullish pattern is characterized by two reversals, emerging from roughly the same support region, creating a ‘W’ letter before a major breakout.
With today’s jump, the Solana price is just 5% short from challenging the pattern’s neckline resistance at $147. The recovery momentum backed by increasing trading volume accentuates the rising conviction from buyers to drive higher recovery.
The coin buyers also reclaimed the 20-and-50-day EMA slope to provide buyers additional support. A potential breakout from the $147 resistance will accelerate the buying pressure and bolster price higher rally to $172.
On the contrary note, the $147 resistance is currently coinciding with a downsloping resistance trendline that has carried the recent correction trend in price. Therefore, the coin price could witness renewed selling pressure at the overhead resistance trendline, increasing the risk of another reversal.
If the altcoin shows intact selling pressure of $147, the Solana price could revert and potentially revisit the $120 support region.
