- Solana rebounded 5.8% to $138, but it’s still down 20% this month and struggling to break past the key $140 resistance level.
- Trading volume surged 130%, and futures open interest rose to $5.25B—signaling rising trader activity, though RSI is nearing overbought levels.
- Active wallet count bounced back to 3 million, hinting at growing network usage, which could support further price momentum if volume holds.
Solana ($SOL) has been on a bit of a rollercoaster lately. After a rough few weeks, the price is finally showing signs of life—kind of. In the past 24 hours alone, SOL jumped up around 5.8%, landing at $138 at the time of writing. Not bad… but not great either.
Despite the green candle, it’s still down roughly 20% for the month. So yeah, not exactly a victory lap just yet.
Stuck at $140: A Familiar Wall
The price bounced off a low of $128.49 recently, which showed some strength in the short term. But now? SOL’s stuck under that pesky $140 level—again. Sellers keep popping up around that zone, throwing cold water on the rally every time it gets close.
If SOL can manage to punch through and actually hold above $140, though, that might be the spark bulls are waiting for. Keyword: might.
Is This Rally for Real?
Okay, so trading volume’s up. Like, a lot. According to CoinMarketCap, volume jumped by a solid 130%, hitting $3.33 billion. That’s not nothing. It means people are back in the game—whether they’re buying in or cashing out, well, that’s still unclear.
Coinglass data also shows Open Interest in Solana Futures has risen to $5.25 billion. That’s up 11% from before. In plain English, more traders are betting on SOL’s price action—both ways. Could be good… or it could mean a messy liquidation cascade if things go south. You know how it goes in crypto.
RSI Heating Up—But Not Too Hot (Yet)
Over at CryptoQuant, the Relative Strength Index (RSI) is showing a reading of 67 for Solana. That’s kinda like sitting in the middle of a see-saw. It’s not overheated just yet, but getting close.
If RSI goes above 70, that could flash an overbought signal, and sellers might swoop in to take profits. If it chills out here or dips slightly, though, the price might just be consolidating before making its next move.
Network Usage: A Surprise Uptick
Now here’s something interesting—wallet activity. After dipping down to around 1 million active wallets on March 20th, Solana saw that number shoot back up to 3 million by the 23rd. That’s a pretty decent recovery.
New wallet creation also dipped mid-month, but started ticking back up. So it looks like users are still interested in what Solana’s offering, especially with memecoins and DeFi stuff making noise again.
So, What’s Next for $SOL?
Here’s the thing: if SOL wants to keep climbing, it’s gotta break and hold above $140—no more faking us out. The recent spike in trading volume helps, but if that momentum fades, we could see another leg down.
If buyers keep stepping in, RSI behaves, and the user activity continues to rise, then yeah—$SOL could push up toward the next resistance zone, maybe even $150+.
