Solana's Trading Volume Surges 130.42% to $3.33 Billion, Price Up 5.87%

Solana (SOL) has experienced a notable surge in its trading volume, increasing by 130.42% to $3.33 billion. This significant rise in market activity indicates a growing interest in the cryptocurrency, with more participants engaging in buying and selling SOL. The total value of Solana futures has also seen an increase, reaching $5.25 billion, which marks an 11.01% rise. This surge in open interest could potentially support further price growth, but it also poses the risk of sharp corrections if liquidation events occur in the futures market.

The price of Solana has shown signs of recovery, currently trading at $138 with a 5.87% increase over the past 24 hours. This uptick comes on the heels of Polymarket's announcement on March 24, integrating Solana wallet deposits. This integration allows users to fund their accounts using SOL, in addition to the previously available USDC option. The move is aimed at lowering transaction costs and enhancing the user experience, positioning Polymarket to scale its user base and potentially introduce more users to the Solana ecosystem. Following the announcement, Solana's price spiked by nearly 7% to trade at $140, and on the seven-day charts, Solana is up 10%.

Despite this recent price jump, SOL remains down 20% over the past month, indicating market volatility and uncertainty in recent weeks. Solana bounced back from a recent low of $128.49, showing some short-term strength. However, the cryptocurrency is still struggling to break past the $140 resistance level, where sellers continue to apply downward pressure. If SOL can move above $140 and maintain that position, it could signal a shift toward more positive market sentiment. This key price level will be important to watch in the coming days.

Network activity appears to be supporting the price recovery. Over the past week, the number of active Solana wallets dropped to 1 million on March 20 before rebounding to 3 million by March 23. New wallet creation followed a similar pattern, bouncing back over the last few days after a drop around March 19-20. This network activity is a positive sign for Solana, as more users typically indicate higher demand, which could help maintain price strength.

According to CryptoQuant, SOL’s Relative Strength Index (RSI) stands at 67, placing the token in a neutral zone. It is not yet considered overbought but is approaching levels where selling pressure could increase. If the RSI exceeds 70, Solana may enter overbought territory, potentially leading to a temporary price drop as some traders take profits. For Solana to continue its upward movement, it needs to break past $140 with strong trading volume. The recent 130% jump in volume is a positive indicator, but sustained buyer interest will be needed. If traders remain active, the RSI continues to rise, and network usage grows, SOL price could climb toward the next resistance level. The next few days will be crucial in determining whether Solana can maintain its recovery or face renewed selling pressure.