TLDR
- SOL currently trading at $138, up 5.87% in 24 hours but still down 20% over the past month
- Trading volume increased by 130.42% to $3.33 billion, with open interest in futures up 11.01% to $5.25 billion
- Solana’s RSI at 67 indicates neutral momentum approaching potential overbought territory
- Active wallet usage rebounded from 1 million to 3 million between March 20-23
- Polymarket has integrated Solana for deposits to reduce transaction costs and improve user experience
Recent Price Action and Market Metrics
Solana’s price has shown a modest recovery over the past 24 hours, climbing 5.87% to reach $138. This recent upward movement comes after a period of downward pressure that left the cryptocurrency down 20% over the past month.
The price bounce started from a low of $128.49, demonstrating some short-term strength. However, SOL is now facing resistance at the $140 level, where sellers have been active in preventing further gains. A break above this price point could signal improving market sentiment.
Trading activity for Solana has seen a sharp increase. Volume jumped by 130.42% to reach $3.33 billion, showing renewed interest from traders. This surge in activity indicates that market participants are becoming more active in SOL trading.
Data from Coinglass shows that the futures market for Solana is heating up as well. The total open interest in SOL futures now stands at $5.25 billion, representing an 11.01% increase. This means more traders are taking leveraged positions on Solana’s future price movements.
The rise in open interest is a double-edged sword. While it can support further price growth if the trend continues upward, it also poses risks of sharper corrections if a liquidation event occurs. Leveraged positions can amplify price movements in either direction.
Technical Indicators and On-Chain Analysis
Looking at momentum indicators, CryptoQuant data shows that Solana’s Relative Strength Index (RSI) currently sits at 67. This places SOL in a neutral zone, but approaching levels where increased selling pressure might emerge.
If the RSI climbs above 70, it would suggest that Solana has entered overbought territory. This could trigger a pullback in price. However, if the RSI remains stable or decreases, the price might consolidate before its next major move.
User activity on the Solana network has shown interesting patterns recently. The number of active wallets dropped to 1 million on March 20 before rebounding to 3 million by March 23. This three-fold increase in active users over just a few days may help support the price.
New wallet creation also experienced a similar pattern. After a major drop around March 19-20, the metric has bounced back in recent days. Growing user adoption is often a positive sign for cryptocurrency prices.
Two possible scenarios for Solana $SOL:
🔹 $144 is a key level for bulls to reclaim for more upside.
🔹 This price level has the highest trading volume since March 2024. pic.twitter.com/vQX60XwYOx
— Trader Edge (@Pro_Trader_Edge) March 23, 2025
For Solana to maintain its upward momentum, it needs to break through the $140 resistance level with strong trading volume. The recent 130% jump in volume is encouraging, but if buying pressure fades, SOL might struggle to hold its current levels.
Polymarket Integration Boosts Utility
In other Solana news, Polymarket has added support for SOL wallet deposits. This integration aims to lower transaction costs and improve user experience on the popular prediction market platform.
Polymarket has seen explosive growth in 2024, becoming a central hub for political prediction and election sentiment. The platform has gained attention for its accuracy, with research showing it correctly predicted outcomes 90% of the time one month before events resolved.
With Solana’s near-instant finality and very low transaction costs, this integration positions Polymarket to expand its user base and support more detailed forecasting across various sectors.
The addition of Solana is expected to make participation easier, especially for retail users who may have been discouraged by Ethereum’s higher gas fees. This development represents another real-world application for Solana’s technology.
The coming days will be crucial for Solana’s price action. It will either hold its recent gains and push higher or face renewed selling pressure that could drive the price back down. Traders are watching key levels closely.
Whether these positive developments will help sustain Solana’s price recovery remains to be seen. Traders continue to monitor both on-chain metrics and technical indicators for clues about SOL’s next major move.
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