- Solana reclaims $180 after a strong 11% rise through $162 support.
- Social volume hits a six-month high as positive funding rates indicate continued bullish momentum.
Solana [SOL] has shown remarkable resilience after successfully defending the critical support zone at $162. The latest charts indicate an 11% increase since the altcoin retested the key support level at $66.5. SOL was trading at $180.45 at the time of writing.
Solana’s recent rebound occurred in a key demand zone, indicating a strong buyer presence at lower levels. 
Source: Tradingview
Solana’s social interest reaches a fever pitch
According to data from Santiment, Solana’s social volume has reached levels not seen in the past six months. Altcoin social volume data indicates a dramatic spike in discussions and mentions on social platforms, especially since early October.
This surge in social interest often precedes significant price movements, as seen during SOL’s previous rallies.
Source: Santiment
Funding rates indicate bullish momentum
Further analysis from AMBCrypto on the Binance funding rate data shows a significant positive trend, with minimal negative numbers since July 2024.
This continued positive environment for funding rates indicates that market participants are willing to pay a premium to maintain long positions, reflecting strong bullish sentiment in the futures market.
Source: Santiment
In addition to the positive financing rates mentioned above, the Solana has also registered a spike in its long-short ratio. Long positions account for approximately 52% of all positions.
The long positions are overwhelming the short positions, which is an important bullish sentiment for the expected price increase.
Source: Coinglass
Solana’s technical setup points higher
The technical structure shows a clear breakout from a multi-month consolidation phase.
With the price testing the $180-$190 resistance zone, SOL seems positioned for a potential move towards the psychological $200 level.
The formation of higher lows since July further reinforces this bullish outlook.
Given the confluence of positive social sentiment, positive funding rates, and a strong technical setup, SOL could be setting itself up for another bullish rally.
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However, the USD 189 resistance level still looms as a decisive break above it could accelerate momentum towards USD 250.
The key support at $162 remains crucial for maintaining the bullish structure.
