Solana Surges 1.829% Amid Rising Transaction Volumes, Bullish Indicators
3min read Solana's latest price was $150.60, up 1.829% in the last 24 hours. Recent indicators reveal a mixed sentiment around Solana, suggesting a potential market bottom amidst a resurgence in on-chain activity. Despite challenges in Q1 2025, the increasing transaction volumes point to a recovering network, which may be an inviting opportunity for investors. The current dormancy metrics suggest that Solana could be approaching a long-term bullish phase.
As we transition through 2025, Solana’s performance has showed notable fluctuations, notably testing the $100 mark, which some analysts believe is a pivotal level. Positive signals are starting to emerge as on-chain activity appears to reverse its downward trend, indicating that investor interest might be picking up. The 2024 transaction metrics for Solana have been remarkable, with volume levels significantly higher compared to previous years. This resurgence stems from the network’s increasing utility, driven partly by the growing adoption of decentralized applications (dApps) built on the platform. The number of unique transactions has shown a consistent increase, reinforcing the narrative that Solana is gaining traction as an attractive platform for developers and users alike.
The Spent Output Profit Ratio (SOPR) has been a critical metric for gauging market sentiment among sol holders. Currently positioned under 1 at 0.987, this figure indicates that many investors are selling at a loss, reflecting broader market challenges. However, the sustained decrease in sopr since late February points to a possible accumulation phase, as seasoned investors may start to consider new positions at these lower price levels. The concept of dormancy flow, which measures the average number of days coins have been inactive before being transacted, has emerged as a crucial indicator for Solana’s long-term prospects. As represented in the accompanying chart, the dormancy flow metrics are near historical lows, akin to levels observed back in 2020 when SOL was trading around $2. This pattern raises the question of whether the current market is witnessing a potential bottom, particularly as dormancy flow continues to decline, suggesting that we might be entering a bullish phase soon. As these metrics demonstrate, while current market conditions may seem challenging, the accumulated data signals a potential shift in sentiment that could lead to a resurgence in price action.
Solana’s price trajectory throughout April has closely mirrored a surge in daily transactions, signaling strong network engagement. The rise from around 84 million daily transactions to nearly 99 million by month’s end showcases the platform’s increasing adoption. This synchronized uptrend suggests that Solana’s rally is being driven by organic usage rather than mere speculation. Notably, transaction spikes preceded several price jumps, hinting at demand fueling momentum. Such patterns bolster the bullish case for SOL, especially if user activity accelerates into May. April saw a steady climb in both fees and revenue on Solana, reflecting deeper network usage and enhanced monetization. Daily fees rose from under $90,000 to around $1.4 million, while revenue trended upward in parallel, hitting nearly $2 million by late April. This indicates not only high user demand, but also that Solana’s value capture mechanisms are functioning effectively, positioning it competitively against peers as on-chain activity continues to scale. The data revealed a notable correlation between SOL’s price and Open Interest, with both trending upward through April. Open Interest surged alongside price — rising from approximately $1.6 billion to $2.3 billion. Importantly, price pullbacks have often seen Open Interest hold steady or recover quickly, suggesting that bullish sentiment may carry through into May.
The recent developments in Solana’s ecosystem indicate a positive trajectory built on genuine usage rather than speculation. As daily transactions and fees increase, alongside rising Open Interest, SOL stands poised for continued growth in the coming months. For investors and market participants, these signs of strength present a compelling case for engagement with Solana amid an evolving landscape. Solana could be the focal point of a strategic push to align blockchain technology with U.S. regulatory frameworks through a new tokenisation initiative—Project Open. A coalition made up of the Solana Foundation, crypto asset manager Superstate, and DeFi platform Orca has submitted the 18-month pilot proposal to the SEC. Project Open aims to deliver instant trade settlement—something traditional finance has struggled to achieve—ultimately opening the door for a regulatory framework. While Solana’s 60% April-long surge has since plateaued, approval could reignite momentum, strengthening the altcoin’s case in the “best crypto to buy” conversation. No one has named specific chains, but Solana’s involvement puts it at the heart of the tokenization effort—a niche projected to grow to $19 trillion by 2033. This could be the catalyst needed to break above the $160 resistance and advance the breakout of a bullish 4-year cup-and-handle pattern. A clean move above this level would bring the $190 resistance into focus — a likely retest point aligning with the upper bound of the descending channel forming the handle. This 25% setup is gaining credibility as technical indicators turn bullish. The RSI is climbing toward the neutral 50 line, showing growing buyer strength. Most notably, the MACD is nearing a bullish golden cross — poised to flip above the signal line for the first time since the post-election rally. Historically, this setup signals the early stages of a major trend reversal on higher time frames. If Solana can break above the pattern’s resistance, the rally could extend to $350 — a 200% gain from current levels. And if momentum holds, a run toward $1,000 isn’t off the table. Speculators have been quick to rule out Solana as a candidate, questioning its ability to support the high-volume demand of global finance markets with its biggest limitation: scalability. But that narrative could shift with the arrival of Solaxy ($SOLX), Solana’s first-ever Layer-2 scaling solution. Solana has long lacked this capability, limiting its DeFi and cross-chain use case—until now. By processing transactions off-chain and finalizing them on Solana, Solaxy significantly reduces congestion and lowers transaction costs, while offering seamless interoperability across both blockchains. With over $32.5 million in its ongoing presale, investors are already rallying behind the project. When demand for Solana increases, it could be the one to reap the fresh ecosystem liquidity. 
