Solana Surges on $12M Volume Spike as SOL Eyes Recovery

Solana (SOL) saw a dramatic surge in trading volume, exceeding 12 million SOL in just 24 hours — the highest in the past 30 days. This spike reflects a potential shift in trader sentiment and market positioning, possibly signaling a local bottom for the cryptocurrency.

SOL recently broke below the key $100 psychological support level, hitting a low of $98 on April 7 before rebounding sharply to close at $108, posting an intraday gain of over 9%. The accompanying surge in volume suggests strong buying interest at lower levels, possibly from whales or institutional players.

The recent price action forms part of a descending triangle pattern, which has been unfolding since February. While SOL remains below its 50-day and 100-day EMAs — at around $130 and $140 respectively — the price rebound and increasing volume raise the potential for short-term recovery or consolidation.

Technical indicators such as the Relative Strength Index (RSI) support this outlook, with the RSI recovering from oversold levels and now hovering around 40. Historically, Solana has shown strong comebacks after similar volume-driven washouts.

Despite the bullish bounce, SOL must reclaim and sustain above $115 to confirm upward momentum. Failure to do so could lead to a retest of recent lows. However, a continued rise in volume could pave the way for a rally toward the $130–$140 resistance zone.

With solid network fundamentals and growing interest at lower levels, Solana may be poised for a potential resurgence. Traders should monitor key levels closely as volume remains the deciding factor for a sustainable breakout.