Solana ($SOL) Eyes $160 Breakout as Whale Activity, Strong Fundamentals, and Technical Signals Align

After recovering steadily from its April dip, Solana (SOL) is consolidating just beneath the $160 threshold a key level now catching the attention of both bullish and bearish traders. With momentum building, a breakout could be on the horizon, fueled by a mix of whale staking, technical breakouts, and impressive fundamental performance.

Whale Staking Sparks Confidence in Solana's Long-Term Trajectory

In a standout on-chain event, a Solana whale staked a massive 194,000 SOL, worth approximately $28.7 million, in a single transaction an eye-catching move first flagged by Crypto Rover on X (formerly Twitter). Such large-scale staking isn’t a casual gesture; it's a strong signal of long-term conviction from big players who believe in Solana’s continued growth.

In a market that’s still finding its direction, this kind of commitment from whales typically hints at upcoming catalysts or a broader belief in the project's strength and scalability.

Solana Leads Q1 2025 in Protocol Revenue, Beating Ethereum

While the buzz around memecoins dominated headlines in Q1 2025, Solana quietly emerged as a top performer in protocol revenue, outpacing even Ethereum, according to the latest data from Glassnode.

This isn't just a vanity metric it highlights that Solana is maturing into a highly active, revenue-generating ecosystem. Increased user engagement, dApp activity, and ecosystem monetization are driving tangible results, strengthening the case for $SOL as a high-utility asset in the crypto economy.

Technical Breakout: SOL Pushes Above the Ichimoku Cloud

From a technical perspective, Solana has broken above the Ichimoku Cloud on the daily chart a classic bullish signal for traders. As pointed out by Crypto Seth, SOL is now testing the $138–$140 resistance range, with eyes set firmly on the $160 target zone.

The momentum indicators remain neutral, meaning there’s still room for upward movement. However, analysts caution that the $145–$150 zone may offer short-term resistance unless strong trading volume steps in to push prices higher.

Liquidity Trends Support Bullish SOL Outlook

Adding another layer of optimism, a recent analysis by Bull Bear Spot compares Solana’s price trajectory with the global M2 money supply, a key metric of liquidity. The chart suggests that as global liquidity expands, Solana tends to benefit in tandem.

This macro tailwind strengthens the current bullish case. If SOL can flip $150 into solid support, the next upside target around $160 becomes far more likely, especially with growing on-chain activity and capital inflows from institutional and retail investors alike.

Caution Ahead? Analyst Warns of Possible Pullback

Despite all the bullish indicators, not every expert is fully convinced just yet. Crypto analyst vlxszn urges caution, noting that SOL must firmly reclaim the $150 swing high to validate the next leg upward. He warns of a potential dip toward the $135–$140 zone, which could serve as a shakeout before a more sustainable rally.

This view doesn’t contradict the bullish narrative it simply emphasizes that market structure and volume remain critical factors to watch before declaring a clean breakout.

Conclusion: Will Solana Break Through $160 Soon?

As of now, Solana is holding strong above $140, navigating a tight range between key resistance and support levels. The $150–$155 zone is shaping up as the next battleground if bulls can push through with conviction, we could see a swift run toward $160 and beyond.

With whale staking reaching tens of millions, protocol revenue outpacing Ethereum, and global liquidity favoring risk-on assets, Solana is positioned for a potential breakout that could redefine its short-term price trajectory.

Investors and traders would be wise to keep a close watch on Solana’s next big move might just be around the corner.