- Solana’s trading volume surged by 94.85%, despite an 8.68% price drop in the last 24 hours.
- SOL faced resistance at $217; $195 support is crucial for stability as institutional interest grows.
Solana [SOL] was trading at $197.05 at press time, experiencing an 8.68% decline in the last 24 hours but posting a 4.31% gain over the past week.
Meanwhile, the cryptocurrency’s trading volume surged to $6.69 billion within 24 hours, reflecting robust market interest.
At the time of writing, with a circulating supply of 480 million SOL, the coin’s market capitalization stood at $95.54 billion, SOL’s price has fluctuated within a 24-hour range of $193.90 to $215.98, and the weekly range extends from $188.79 to $221.35.
The asset is currently 24.9% below its all-time high of $263.21, recorded on the 23rd of November 2024, and it faces resistance near key levels.
Technical indicators point to bearish momentum
Recent price action shows a break below the bullish trendline and Fair Value Gap (FVG), with the 200-day Moving Average(MA) at $217.96 acting as strong resistance.
Immediate support lies near $195.72, with a potential downside target of $180 if the support level fails to hold.
Source: TradingView
The convergence of MA indicates possible increased volatility. Traders are monitoring whether SOL can reclaim $200 and move toward the $220 resistance.
A continued bearish trend could further test lower support levels, creating uncertainty in the market.
Derivatives data reveals trader caution
Coinglass data shows a mixed sentiment in derivatives markets. Trading volume increased by 94.85% to $12.62 billion, while Open Interest(OI) dropped 10.68% to $6.03 billion, indicating reduced leveraged positions.
Options activity also surged, with a 447.63% increase in volume to $902,320 and a 14.97% rise in OI to $1.97 million.
Liquidation data reveals that $10.62 million in long positions were liquidated compared to $4.64 million in shorts, suggesting traders betting on a rebound were caught off guard by the price drop.
The majority of liquidations occurred on Binance and Bybit, with long positions bearing the brunt of the losses.
Source: Coinglass
SOL’s network activity remains strong
According to DefiLlama, Solana’s Total Value Locked (TVL) is $8.79 billion, showing a 7.59% decline in the last 24 hours.
The stablecoin market capitalization on Solana stands at $5.56 billion, while the network generated $4.35 million in fees and $2.18 million in revenue over the same period.
Network activity remains high, with 4.74 million active addresses and 62.43 million transactions recorded in the last 24 hours.
Read Solana’s [SOL] Price Prediction 2025–2026
Increased institutional involvement, such as Coinbase’s liquid staking integration with Solana, continues to support market interest despite recent price volatility.
As Solana consolidates near $197, traders and investors are focused on key technical levels and network activity for signs of recovery or further decline.
