Lucía Peña
Solana (SOL) has experienced a significant price jump today, increasing by over 6%. This surge comes amid strong capital inflows into the Solana network, which have reinvigorated market confidence. The price increase also coincides with a broader crypto market recovery, with Bitcoin and other major altcoins posting strong gains.
Over the past month, the Solana network has seen over $120 million in liquidity bridged from other blockchains, with Ethereum and Arbitrum accounting for $41.5 million and $37.3 million, respectively. This influx of capital signals renewed optimism in Solana’s long-term prospects and has led to a shift in market sentiment, with a rally in Solana-based memecoins like POPCAT, FARTCOIN, BONK, and WIF further boosting confidence.
Although Solana’s fee generation has slowed down recently, with March recording $46 million and only $22 million so far in April, the fresh inflows signal a possible price rally. Market watchers are keeping a close eye on the SOL price as increased liquidity and renewed interest could trigger further gains.
SOL Price Action: A Strong Breakout on the Horizon?
Today, SOL surged by over 6%, reaching a high of $135.23 before settling at $133.36. The price increase is accompanied by a 35% surge in trading volume, which reached $4.59 billion, along with a 6% rise in Solana Futures Open Interest, signaling overall positive market sentiment.
Technical Indicators Point Toward $150 Target
A recent analysis by Glassnode highlighted that Solana’s Unrealized Profit and Loss Distribution (URPD) is undergoing a significant shift. This has formed a major supply cluster at $129.79, which is expected to serve as key support during future pullbacks. The analysis suggests that if $129 holds as support and $144 is breached, the SOL price could rally toward $150 in the near future.
Solana’s potential price movement toward $150 is supported by the positive network inflows and technical analysis, making it a highly anticipated target for traders in the upcoming weeks.
