Solana (SOL) has experienced a significant 44.11% surge in its 24-hour trading volume, reaching $6.12 billion, according to CoinMarketCap data. This spike in volume occurred even as SOL's price fell below the key psychological level of $100, currently trading around $96.97, marking a 5.67% decline. Analysts interpret this divergence—rising volume during a price drop—as a potential sign of increased market engagement and accumulation by traders, rather than mere speculative selling.
Technical indicators are flashing bullish signals. Solana's Relative Strength Index (RSI) is deep in oversold territory at 27, suggesting the recent sell-off may be overextended. Furthermore, a TD Sequential "9" buy signal has appeared on the 4-hour chart, and a bullish RSI divergence has formed, both historically associated with short-term stabilization or reversal points after prolonged declines.
The $93-$95 zone is now a critical support level. Price action has respected this area in recent sessions. If SOL can hold above this support, analysts see a potential path toward reclaiming $100 and targeting the monthly open near $105, which would represent a roughly 9.4% recovery. A failure to hold this support could delay any rebound scenario.
On-chain and institutional data provide a constructive backdrop. Solana's network fundamentals remain strong, with development activity and daily active addresses trending higher. Notably, institutional interest has grown, with the asset seeing $17.1 million in inflows over a recent 10-day period amid broader market outflows. Additionally, a record 70% of SOL's supply, worth approximately $60 billion, is now staked, indicating strong holder confidence in the asset's long-term outlook.
The recent market-wide sell-off, triggered by Bitcoin's crash to a 15-month low, impacted altcoins including Solana. While Bitcoin has posted a slight recovery, SOL has yet to bounce back fully. The combination of surging volume, oversold technicals, and strong fundamentals is leading some market observers to speculate that a rebound toward the $150 price level could be ignited if current support holds.
