Solana Price Breaks Key Resistance as Analysts Eye Next Supply Barriers

Solana's price has increased by 5.5% to $105.22 after surpassing the key resistance zone of $103.25, according to Bitget. This milestone is significant as it marks a point where holders acquired around 20 million SOL tokens at each level, specifically at $123 and $132.

The on-chain data indicates that the cost basis for 39 million tokens is near $103.25. Analysts are now tracking these two supply barriers as potential hurdles for Solana's price movement.

The recent price increase also follows stronger accumulation metrics and the first phase of Solana's rent reduction, which allows users to reclaim excess SOL held above new account minimums.