SOL price has surged today, soaring more than 6% as strong Solana Network inflows have bolstered market confidence. Simultaneously, the surge also comes amid a broader crypto market recovery, with Bitcoin and most of the altcoins recording robust gains.
Solana Network Inflows Fuel Market Optimism
A surge in liquidity inflows to the Solana network has sparked optimism among market participants, hinting at a potential SOL price rally ahead. Over the past 30 days, over $120 million has been bridged to Solana from other blockchains, with Ethereum and Arbitrum contributing $41.5 million and $37.3 million, respectively.
Notably, this robust influx of capital signals renewed confidence in the network, reversing recent challenges. Besides, the timing of these inflows coincides with a resurgence in the top Solana memecoin prices, with POPCAT, FARTCOIN, BONK, and WIF posting significant gains.
Although fee generation has slowed, with $46 million in March and $22 million in April so far, the Solana network’s renewed appeal could be a positive indicator for SOL price.
As market sentiment shifts in favor of Solana, investors are eagerly watching for a potential price rally. With increased liquidity and renewed interest, SOL may be poised for a significant price movement.
How’s SOL Price Performing?
Amid the robust Solana network inflow, Solana value today jumped over 6% and exchanged hands at $133.36 after touching a 24-hour high of $135.23. Notably, the price surge is accompanied by a 35% increase in trading volume to $4.59 billion and a 6% rise in Solana Futures Open Interest, indicating positive market sentiment.
Meanwhile, a recent Glassnode analysis showed that Solana’s URPD is going through a major shift in cost basis, forming a major supply cluster at $129.79 with over 32M Solana. This zone is likely to act as support during future drawdowns, reflecting high investor engagement. With $144 as potential resistance and $117 as the lower bound, $129 serves as a key pivot zone.
Considering the recent Solana network inflow and technical analysis, it appears that the SOL price might target the $150 level in the near term. If the support at $129 holds and the resistance at $144 is breached, a rally to $150 could be imminent. Besides, a Solana price prediction also showed that the crypto could reach the $150 level by this month.
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