Doge Pepe
Optimism
Pearl
Quantus
Bitway
Pons
NEAR Protocol
Solana price is showing signs of strength after reclaiming an important area of demand at $127 to $129. Traders are closely monitoring this range, as it could be the definition of the next directional move.
With on-chain volume increasing and bullish structures forming, market attention focuses on a potential breakout to $230.
Solana Price Holds Crucial Demand Zone
The $127-$129 area is serving as a significant demand area following the Solana price’s heavy intraday pullback. Analyst Bitguru identified this zone as key to short-term bullish continuation.
A successful defense could lead to a move toward $133-$136 in the near term. This level previously marked consolidation and breakout phases.
Recent charts indicate that Solana’s structure is similar to that of past bullish setups. These setups consist of a steady base, a breakout spike, and mid-range consolidation. If history is repeating, Solana price could regain its range highs.
However, a breakdown below this demand zone could negate the bullish case and reveal the lower levels around $120.
DEX Volume Surges as Amid $230 Breakout Target
Solana emerged as the leader in decentralized exchange activity. It recorded $4.67 billion in DEX volume on January 21. It surpassed Ethereum, BSC, and Base in this key metric.
This puts it ahead of Ethereum, BSC, and Base by daily chain volume, according to DeFiLlama data. The massive on-chain demand is a precursor to stronger SOL price action.
According to a technical chart from Don, Solana price is trading inside a long-term symmetrical triangle. A breakout from this structure targets the $230 region, which coincides with historical resistance.
The relative strength index (RSI) also shows healthy consolidation. This provides room for a sustainable move higher.
Solana Price Action Shows Tightening Structure & Bullish Continuation Signals
Multiple analysts are highlighting the tightening structure in Solana price action in higher timeframes. As accumulation forms on top of current levels, short-term SOL price breakout patterns are emerging.
RSI levels show nothing extreme to the buy side. This makes sense given that price is not overbought despite its recovery from recent lows.
BitGuru’s chart showed a clear area of consolidation followed by impulsive moves. That structure seems to be repeating.
Solana’s capacity to have $127 support while building higher lows could confirm the continuation pattern. Analysts now head to the $136 range as the next major test for bulls.
SKR Token Launch Adds More Fuel to the Solana Ecosystem
Meanwhile, the recent launch of Solana Mobile’s native token, $SKR, has added new momentum to the network. The token gained over 300% in less than 24 hours. It rose from an FDV of $90 million. It reached a note value above $412 million.
Trading volume hit over $235 million, primarily over Solana’s native DEXs such as Orca and Meteora. With more than 100,000 wallets receiving airdrops, $SKR has signs of deep ecosystem integration.
The native device, the Seeker phone, applies SKR governance, staking, and dApp incentives. Analysts believe this positions Solana Mobile to compete directly with traditional app stores.
On-chain data from Solscan and Birdeye has shown that 90% of whale wallets are holding their allocations of SKR. The top wallet holds more than $42 million worth of SKR, but there is little selling activity.
Analysts call SKR an “anti-meme” token because of its structured launch and utility. This launch has helped solidify bullish sentiment around the Solana price.
