- SOL price rises 2.06% in 24 hours to $174.32.
- Strong trading volume of $4.25B indicates real market participation.
- Solana turns bullish as MACD signals a crossover, RSI stays strong above 60, and CMF indicates solid capital inflows.
Solana (SOL), one of the big players among Layer 1 blockchains, with its unrelenting upward journey, made headlines again. Trading at $172.70, SOL gained 2.06% in the last 24 hours as the token dominates the digital asset market. The token now boasts an $89.75 billion market cap, ranking it as #6 by market capitalization among cryptocurrencies. The trading volume in the last 24 hours soared over 9% to $4.25 billion, a clear indication of investors showing rampant interest in trading.
This recent move is not purely speculative because the functionality of Solana keeps growing in the broader blockchain ecosystem. From decentralized finance (DeFi) platforms to non-fungible tokens (NFTs) and meme coins like BONK and WIF, the Solana network continues to attract developers and users due to its speed, cost-efficiency, and scalability. These real-world applications are crucial drivers of its demand and value.
Volume and Momentum Signal Market Confidence
The 9.11% rise in day-to-day trading volume boosted the volume-to-market cap ratio to 1.57%, a clear indication of well-being liquidity in the market. In contrast to short-term hype cycles, such a level of trading activity is indicative of real interest from retail as well as institutional investors.
On May 16, 2025, crypto influencer AltcoinGordon’s tweet, stating “This is only 1400 SOL. Lock in and make it happen,” ignited strong interest in Solana (SOL). At the time, SOL was trading around $145.23, up 3.2% in 24 hours, alongside an 18% surge in trading volume to $2.1 billion across major pairs like SOL/USDT and SOL/BTC. The tweet suggested a potential breakout after a week-long consolidation between $140 and $150. This bullish momentum aligned with gains in tech stocks, as the NASDAQ rose 1.5%, and increased institutional crypto exposure, highlighting growing market optimism for Solana.
In addition, Solana has resolved one of its greatest previous criticisms, network outages, by enhancing uptime and validator decentralization. These measures have greatly improved network stability, furthering market confidence.
Solana (SOL) Technical Overview and Levels
Solana (SOL) demonstrates robust bullish momentum supported by significant technical indicators. The MACD has turned bullish following a bullish crossover, indicating potential price rise. The RSI is 56.47, which reflects high buying pressure but is approaching an overbought level, possibly indicating a short-term correction.
In contrast, the Chaikin Money Flow (CMF) stands at 0.07, which indicates moderate capital inflows and supports the bullish outlook. Both metrics indicate increasing investor appetite and continued demand for SOL. Still, the traders should remain vigilant in search of overextension signs as the asset nears technically sensitive points.
Solana (SOL) is presently exhibiting bullish strength with clearly defined support and resistance on the chart. The nearest support is at $171.36, and the nearest resistance is $184.86. Below that, further support level is at $166.17 and further resistance level is at $191.03. A strong breakout above these may see a retest of the key resistance at $184.86, a price that has long marked the end of price rallies. These levels will be instrumental in dictating Solana’s future price direction.
