Solana Holds Above $157 as Bulls Regain Control After Sharp 6% Reversal

Solana (SOL) saw a sharp pullback after touching a high of $163.65, shedding nearly 6% before recovering to trade above $157 by Tuesday morning. The price action reflects heightened market volatility as bulls and bears vie for control near key psychological levels.

Despite the correction, institutional interest in SOL appears undeterred. Canary Capital’s recent filing for a spot Solana ETF and the launch of WalletConnect’s token on the network underscore the growing adoption of the ecosystem. On-chain data also supports this narrative, with rising daily active addresses and a 26% increase in transaction volumes.

Analysts remain cautiously optimistic, with some pointing to $165 as the next resistance level to watch. Long-term projections remain bullish, bolstered by Solana’s expanding dev