Solana (SOL) has initiated a fresh upward price movement, breaking above key resistance levels while demonstrating robust network growth and increasing institutional demand. The cryptocurrency climbed above the $136 and $138 zones against the US Dollar, trading above the 100-hourly simple moving average. A significant technical breakout occurred with a breach above a bearish trend line at $137 on the hourly SOL/USD chart, sourced from Kraken.
On the price front, SOL is consolidating above $138, with immediate resistance near $140 and the 76.4% Fibonacci retracement level of the recent swing from $143 to $132. The next major resistance sits at $142, with a decisive close above $145 potentially paving the way for a run toward $150 and even $155. Support levels are found at $138, $135, and $132, with a break below $132 possibly leading to a decline toward $124.
Despite this price action, the Solana network itself is exhibiting remarkable strength. On-chain data reveals that Solana-based decentralized exchanges processed approximately $1.6 trillion in trading volume over the past year, surpassing many major centralized venues. User adoption is also accelerating, with daily active addresses rising from 1.8 million to 2.2 million in early January 2026.
Institutional interest is a major catalyst. The network is nearing a milestone of surpassing Ethereum in annual revenue, driven by high dApp activity and institutional stablecoin use, including significant USDC integrations. Furthermore, on January 6, 2026, Morgan Stanley filed with the U.S. Securities and Exchange Commission (SEC) to launch a Solana Trust as part of a new cryptocurrency ETF proposal. This marks a significant institutional endorsement, being the first major retail ETF filing from a large bank directly tied to SOL.
However, SOL's price remains constrained below a key resistance zone between $145 and $147, a level that has capped multiple recovery attempts. A clear breakout above $147 is seen as critical for a sustained bullish trend, while a break below $128 support could shift momentum to sellers. The longer-term 200-day simple moving average near $172.86 remains a formidable barrier for a full trend reversal.
