- Solana’s bullish RSI divergence hints at a technical bounce despite market weakness.
- Momentum shows signs of fading after a 70% drop from Solana’s late 2024 peak.
- Trading volume dropped 47% as SOL’s price rebounded near $100 support levels.
Solana (SOL) climbed over $111 following a multi-week decline, as new interest was sparked at significant technical levels. The increase came after the price hit a near-term low under $100, sparking a speedy rebound.
RSI Signals a Potential Bounce After 70% Drop
Market analyst Bluntz has analyzed that Solana printed bullish divergences on its daily chart alongside other heavily corrected large caps. He pointed out a critical shift in RSI behavior, where price marked a new low but RSI did not follow. His findings revealed that this divergence often precedes short-term reversals or relief rallies in bearish cycles.
Source: Bluntz
This bounce occurred while broader market volatility remained elevated across high-cap digital assets. Solana’s structure remains corrective, but the RSI divergence suggests weakening downside momentum after a steep 70% retracement from the $275 high. Bluntz emphasized that while a full trend reversal remains unlikely, sizeable bounces appear technically probable under current conditions.
The assessment from the Coinbase daily time frame confirmed this signal, with RSI at 40.73 recovering from a dip near 30. Solana price action continued forming lower highs and lows, but local accumulation signs emerged near the $100 support. The divergence between price and RSI reflected reduced selling pressure and early signs of potential upside reaccumulation.
Chart Patterns Reflect Intraday Volatility and Correction
Tracking market behavior, Solana traded at $106.01 with a 24-hour gain of 0.37%, according to CoinMarketCap data. Market capitalization climbed to $54.64 billion, mirroring the price uptick within the same period. Circulating supply remained steady at 515.47 million tokens from a total of 597.98 million.
Source: CoinMarketCap
Examining trading volume fluctuations, Solana recorded $5.06 billion in 24-hour activity, down 46.95% from the previous session. The volume-to-market-cap ratio stood at 9.2%, reflecting moderate liquidity within a tightly traded range. Despite reduced transactions, capital movement stayed active between $53 billion and $58 billion.
Throughout the session, Solana’s market cap showed two upward spikes followed by a final correction toward the lower range. Trading activity reflected intraday volatility, with the final value near $55 billion indicating renewed downward pressure.
