Solana (SOL) delivered its most active trading day in the past month, as volume skyrocketed to over 12 million SOL within 24 hours. This explosive increase in activity pushed the price back above the psychologically significant $100 level, a threshold the asset had struggled to maintain in recent weeks.
This renewed momentum signals a potential shift in trader sentiment and market dynamics. It marks the largest single-day volume Solana has seen in 30 days and may reflect increased interest from institutional investors or crypto whales preparing for a long-term position.
Volume Spike Revives Market Momentum
On April 7, SOL dipped to a local low near $98, breaching the key $100 support for the first time in weeks. However, a sudden influx of buyers triggered a sharp bounce, pushing the price up over 9% intraday, closing around $108.
This strong upward move and a significant volume boost suggest aggressive accumulation at lower price levels. It also raises the possibility that Solana may have established a short-term bottom, especially as price action consolidates after weeks of descending movement.
Technical Indicators Point to Recovery Potential
The daily chart reveals that Solana has been trading within a descending triangle, repeatedly testing the $100 support. While this pattern often suggests a further downside, the latest breakout to the upside offers a more optimistic outlook, if backed by continued volume growth.
Regarding momentum indicators, the relative strength index (RSI) has rebounded from oversold territory and now hovers near 40. This slight improvement supports the idea of a short-term recovery or consolidation phase in progress.
Despite this, resistance remains strong. The 50-day Exponential Moving Average (EMA) sits near $130, while the 100-day EMA looms closer to $140. These levels will challenge any further upward movement and must be surpassed for a confirmed bullish breakout.
Is Accumulation Underway?
Historically, Solana tends to bounce back after washout events, particularly when backed by strong volume. The current surge may indicate that whales or institutions are quietly accumulating SOL, preparing for a potential larger rally.
If SOL maintains its footing above $100 and breaks above $115 in the short term, traders could see momentum building toward the $130–$140 resistance zone. However, failure to sustain this level may result in another retest of recent lows.
Related article: Solana at Five: A Crypto Powerhouse or a Struggling Giant?
Final Thoughts: Turning Point or Temporary Rebound?
Solana’s fundamentals remain solid, and this recent price action could represent more than just a temporary relief rally. While caution is still warranted, the volume-backed rebound and improving momentum signals offer hope for a stronger turnaround.
As traders assess their positions, Solana’s behavior over the next few days, especially around the $115 resistance, will determine whether this recovery gains traction or fades into another correction.
