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Solana (SOL) has seen an unusual surge in a crucial metric as its trading volume soared by over 40% within the last 24 hours. CoinMarketCap data indicate that there has been a steady increase in volume, a development that could support the coin’s price rebound.
Solana support levels, RSI signal possible rebound
Notably, volume jumped by 44.11% to $6.12 billion despite a drop in price below the psychological $100 level. With this sharp volume spike coinciding with a price drop for SOL, it signals increased market engagement from traders in the ecosystem.
Solana’s strong on-chain activity suggests that the volume boost is more than speculative trading. The coin is already deep in oversold territory, and the continued rise in volume could be traders leveraging the price drop to accumulate the asset amid growing interest.
As per historical precedent, Solana is trading at a critical support zone of between $95 and $100. The coin bounced from this level in the previous market cycle of 2025. The price surged from this zone by over 150% in a rally that saw SOL flip $230.
With Solana’s Relative Strength Index (RSI) currently at 27, the sell-off appears overextended, and a reversal is likely any moment now. If SOL can stay above the $95 support level, it might rebound and reclaim the $100 level.
As of this writing, Solana exchanges hands at $96.97, which represents a 5.67% decline in the last 24 hours. The coin had dropped from a daily peak of $103.41 as the broader crypto market witnessed a major sell-off.
This was triggered by Bitcoin’s crash to a 15-month low, which impacted altcoins, including Solana. Although Bitcoin has posted a slight recovery, Solana has yet to bounce back. The volume boost might just be a trigger to spark a rebound toward the $150 price level.
Institutions strengthen bullish outlook
The recent general market trend signals that Solana is likely to rebound. As U.Today reported, interest by institutional investors grew within the last 10 days.
This led to $17.1 million in inflows to Solana on a market dominated by outflows from other crypto assets.
Another bullish indicator is the percentage of Solana coins that have been staked by investors.
The coin recently hit a new all-time high of 70% in staking, which is equivalent to $60 billion in total. This development indicates the confidence of holders in the asset’s future outlook, a factor that could support Solana’s rebound move.
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