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Solana (SOL) Price: Trading Volume Surges 130% as Market Shows Recovery Signs
As the crypto market continues to exhibit signs of recovery, Solana’s price has seen a notable surge of 5.87% in just 24 hours, currently trading at $138. This uptick comes amidst heightened activity on various fronts, including a significant increase in trading volume and network usage.
One of the key drivers behind this shift appears to be Polymarket’s integration of Solana wallet deposits, allowing users to fund their accounts using SOL alongside the previously available USDC option. This move is designed to lower transaction costs and enhance user experience on the platform. As a result, Solana’s price spiked by nearly 7% in the minutes following the announcement, climbing to $140.
This recent price action has brought Solana’s value up 10% over the past seven days. To continue its upward trajectory, it will be essential for the token to break above the current resistance level of $140 with substantial trading volume. The sudden increase in volume, now at a staggering 130%, is a positive indicator, but sustained buyer interest will be necessary to propel SOL higher.
Despite some market participants expressing concerns about potential selling pressure, the recent data suggests that Solana’s network activity is supporting its price recovery. Over the past week, active wallet creation and total number of wallets in use both experienced a sharp rebound after dipping around March 19-20. This increased user engagement could contribute to maintaining SOL’s strength.
Notably, the number of active Solana wallets plummeted from 3 million on March 23 back to 1 million by the end of last week. However, this trend was quickly reversed as wallet creation and usage saw a sharp resurgence over the following days. This pattern change indicates that new users are entering the market or returning after taking a break.
The Relative Strength Index (RSI) has also been moving upward, currently standing at 67. While not yet considered overbought, this reading does signify that traders may be considering profit-taking as prices continue their upward trajectory. If the RSI does exceed 70 in the near future, it could signal a brief correction.
In summary, Solana’s recent price increase can be attributed to Polymarket’s integration announcement and associated network activity growth. As the token continues to trade at $138, it is crucial for sustained buying pressure and strong trading volume to support its upward trajectory.
Source: https://blockonomi.com/solana-sol-price-trading-volume-surges-130-as-market-shows-recovery-signs/
