- Solana nets $120M in inflows as Ethereum and Arbitrum lead cross-chain transfers.
- SOL price hits $135.23 with 35% surge in trading volume and 6% rise in futures interest.
- Key support at $129 and resistance at $144 set stage for potential SOL rally to $150.
Solana’s on-chain activity saw a significant jump when transactions reaching over $120 million flowed through its network during the previous month. This influx of funds coincides with a market rebound which indicates restored confidence in Layer 1 blockchain technology.
Technical Indicators Suggest Key Support and Resistance Zones
Glassnode’s on-chain analysis shows critical developments in Solana’s URPD distribution. The analysis highlights a major supply cluster forming at $129.79, where over 32 million SOL are held. This accumulation level is expected to act as a strong support zone during any future downturns.
On the upper end, $144 has emerged as the key resistance. If SOL maintains support around $129 and breaks above the resistance, a rally toward $150 remains plausible. These technical markers are essential to evaluating future price action as market sentiment continues to strengthen.
The rising capital inflow into the Solana network, combined with strong trading volume and growing on-chain participation, has created a favorable outlook for SOL. Key support at $129 and mounting momentum place $150 as a near-term price target. With increased investor interest and solid market indicators, Solana appears to be gaining traction as it navigates through a recovering crypto environment.
Liquidity Inflows to Solana Hit $120 Million in 30 Days
Ethereum and Arbitrum led these transfers by contributing $41.5 million and $37.3 million respectively. The activity demonstrates expanded cross-chain participation which underscores the platform’s expanding importance in the decentralized space.
Investor sentiment appears to be changing based on the increasing capital inflow. The emerging trend shows progress coming after Solana experienced stagnant fee generation for months which suggests a potential turnaround.
While fee revenue fell from $46 million in March to $22 million in April the liquidity surge has managed to mask this decrease. Investors now prioritize Solana’s strengthening core strengths instead of momentary market changes.
Trading Volume and Open Interest Reflect Bullish Sentiment
SOL price gained momentum after the liquidity surge which caused it to climb more than 6% during the last 24 hours. The token reached an intraday peak of $135.23 before settling at $133.36 at the reporting time. The trading volume rose 35% to reach $4.59 billion. The market showed bullish sentiment as Solana Futures Open Interest experienced a 6% increase.
Investors are also watching closely as several Solana-based memecoins like BONK, WIF, POPCAT, and FARTCOIN record notable rallies. This wider activity on the Solana network contributes to the rise in both investor confidence and ecosystem participation. Meanwhile, the renewed attention could serve as a catalyst for sustained price growth.
