Key Takeaways
- Solana (SOL) gains 5.87% in 24 hours, trading at $138, though still 20% lower monthly.
- Polymarket integration: Users can now deposit funds using SOL, boosting adoption.
- Trading volume explodes 130.42% to **$3.33B**, with open interest up **11.01%** ($5.25B).
- Active wallets rebound from 1M to 3M (March 20–23), signaling renewed network activity.
- Critical resistance at $140—breaking this level could confirm bullish momentum.
Solana’s Recent Price Action
After hitting a low of $128.49**, SOL rebounded to **$138, showing short-term strength. The $140 resistance remains a key hurdle—sustained trading above this level may shift market sentiment positively.
Catalysts Behind the Rally
Polymarket Integration:
- Polymarket now accepts SOL deposits, replacing USDC-only restrictions.
- Price spiked 7% post-announcement, briefly touching $140.
Surge in Trading Activity:
- 24-hour volume: $3.33B (+130.42%).
- Open interest: $5.25B (+11.01%), reflecting increased leveraged positions.
Technical Indicators
RSI (Relative Strength Index): 67 (neutral, nearing overbought territory).
Watch for:
- RSI >70: Potential correction.
- Stable RSI: Consolidation before next move.
Network Activity Trends
- Active wallets: Recovered from 1M to 3M (March 20–23).
- New wallets: Dip around March 19–20, followed by rebound.
Why Polymarket Chose Solana
- Near-instant finality and low fees align with Polymarket’s scaling goals.
- Polymarket’s 2024 growth (e.g., political forecasting) highlights demand for efficient platforms.
SOL Price Outlook
Critical Factors to Monitor
- $140 Resistance Break: Requires high volume to sustain momentum.
- Trader Activity: Declining volume may stall price gains.
- Adoption Metrics: Wallet growth and dApp usage as bullish signals.
👉 Explore Solana trading strategies
FAQs
1. What’s driving Solana’s price increase?
- Polymarket integration and a 130% surge in trading volume are key drivers.
2. Is Solana overbought?
- RSI at 67 suggests neutrality, but approaching 70+ may indicate overbought conditions.
3. Can SOL reach $150 soon?
- Breaking $140** is crucial; **$150 becomes viable with sustained demand and network growth.
👉 Learn about Solana staking rewards
Final Note: Solana’s recovery hinges on overcoming $140 with strong volume. Watch RSI, network activity, and institutional adoption for next steps.
Written by CoinCentral’s editorial team. Blockchain and open-source advocate.
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