Solana Explodes 40% in Volume, Is SOL Back?

Although Solana (SOL) faced a price correction today, certain bullish signals have emerged in parallel. It is looking like the SOL price is going to be back on track in the coming days, and an upward trend is in the cards. Today’s correction is also considered healthy movement ahead of this potential rally.

The trading volume of Solana, according to CoinGlass, has exploded 40.56% in the last 24 hours. Currently standing at $7.19 billion, this surge has come at a crucial time for the altcoin. It shows that, despite the price dip today, traders have not lost hope in the coin, and they are in fact buying the dips.

Furthermore, SOL is seeing intense trading activity across all major crypto trading platforms. Crypto exchange Binance is leading the way with $2.91 billion in volume, followed by Bybit at $1.63 billion, OKX at $1.18 billion, BingX at $605.94 million and Bitget at $116.61 million, among other platforms.

These are crucial figures to understand the sentiment around Solana. The coin has mostly traded sideways in the past few weeks. However, optimism emerged after Bitcoin (BTC), the leading cryptocurrency, cleared the $63,000 market. Traders are now expecting SOL to follow suit and come out of this consolidation phase.

Solana price movements

As of press time, SOL has been trading at $153.65, after a drop of 4.01% in the last 24 hours. In a more broader perspective, the price has remained down 17.42% over the last 30 days. As mentioned above, the Solana price has really struggled in the recent past, as it was stuck in a consolidation phase.

However, bulls seem to be backing the altcoin now after hints of a bullish reversal. It is likely that SOL will now finally clear the resistance at $157, which it has failed to clear in the past. But once this level is cleared, Solana will turn the $160 level into support, and this support level can help the coin to reach the next highs.