Solana’s native token, SOL, has demonstrated renewed vigor, bouncing back to hover above the $151 mark this weekend. This resurgence, evident as of June 9, 2025, comes despite a turbulent macroeconomic backdrop that continues to loom over global markets. The catalyst appears to be an uptick in on-chain activity, coupled with a significant rise in Coin Days Destroyed, which soared to 3.55 billion—its third-highest figure this year. This metric, often seen as a gauge of token velocity, suggests that long-dormant SOL tokens are on the move, hinting at a renewed interest in the cryptocurrency.
Bullish Patterns Emerge
The narrative around SOL’s recent performance isn’t just about numbers. A closer look at the charts reveals a bullish double bottom pattern that has formed near the $147.50 level, signaling a potential trend reversal. Trading volume is on the rise, painting a picture of growing market activity and optimism. “The formation of the double bottom is a classic reversal pattern, and with the volume backing it, we’re seeing a strong case for further upward movement,” noted crypto analyst Emily Tran. This pattern aligns with broader market trends, as detailed in our coverage of crypto rebounds alongside U.S. stock reversals.
However, the road ahead isn’t without its challenges. SOL is facing overhead resistance in the $152.85 range, a level where sellers have previously tested the bullish resolve. Should SOL break through this resistance, it could pave the way toward the $155–$157 zone—a potential target for bullish traders eyeing the short-term horizon.
Navigating Macroeconomic Waves
While Solana’s network fundamentals are robust, with its blockchain infrastructure continuing to attract developers and projects, the broader macroeconomic environment remains a wild card. The ongoing US-China tariff disputes and rising global bond yields are casting shadows over the financial landscape, injecting volatility into the cryptocurrency markets. “Investors are cautious,” explained market strategist Ravi Singh. “While the technicals for SOL look promising, external economic factors are keeping everyone on edge.” This cautious sentiment is echoed in discussions about the potential for Bitcoin DeFi to surpass Ethereum and Solana in user base.
Despite these headwinds, the Solana community remains optimistic. The network’s ability to handle high transaction volumes with low costs keeps it in favor among decentralized app developers and users alike—a critical factor underpinning its resilience in the face of broader market challenges.
The Path Forward
Looking ahead, the key for SOL’s trajectory will be navigating the immediate resistance levels and maintaining its momentum. The bullish channel observed on the 6-hour chart, bolstered by rising volume on green candles, suggests that there is room for further growth. However, skepticism remains, particularly with the hourly chart revealing a bearish engulfing pattern—a cautionary signal for traders.
For those keeping a close watch, the $150.85 level serves as near-term support. A breach below this could test the conviction of bulls, potentially opening up a new round of selling pressure. As always in the crypto sphere, the situation is fluid, and the coming weeks will be crucial in determining whether SOL can sustain its upward trajectory amidst an unpredictable economic climate.
As the market digests these developments, the central question remains: Can SOL continue to defy broader market trends and chart its own course? Only time will tell, but for now, the resurgence of Solana’s SOL stands as a testament to the enduring appeal and potential of this dynamic blockchain platform.
Source
This article is based on: Solana ‘s SOL Rebounds as Buyers Step In Above $147
Further Reading
Deepen your understanding with these related articles:
- Bitcoin eyes gains as macro data makes US recession 2025 ‘base case’
- Stagflationary Data Puts Pressure on Bitcoin, Stocks
- Crypto Daybook Americas: Robinhood’s Crypto Growth Presages Riot, Strategy Even as Tariffs Hit GDP
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
