Solana (SOL) Price: Trading Volume Surges 130% as Market Shows Recovery Signs

TLDR

• Solana (SOL) is currently trading at $138, up 5.87% in 24 hours but still down 20% for the month
• Polymarket has integrated Solana wallet deposits to lower transaction costs and improve user experience
• SOL’s trading volume increased by 130.42% to $3.33 billion with total futures at $5.25 billion (up 11.01%)
• Active Solana wallets rebounded from 1 million to 3 million between March 20-23
• SOL price spiked nearly 7% following the Polymarket integration announcement

Solana’s price has shown signs of recovery over the past 24 hours, currently trading at $138 with a 5.87% increase. The uptick comes as Polymarket announced integration with Solana wallet deposits on March 24, allowing users to fund their accounts using SOL alongside the previously available USDC option.

Despite this recent price jump, SOL remains down 20% over the past month. This indicates the market has been experiencing volatility and uncertainty in recent weeks.

Solana bounced back from a recent low of $128.49, showing some short-term strength. However, the cryptocurrency is still struggling to break past the $140 resistance level, where sellers continue to apply downward pressure.

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

If SOL can move above $140 and maintain that position, it could signal a shift toward more positive market sentiment. This key price level will be important to watch in the coming days.

Trading Analysis

Trading volume for Solana has surged by 130.42% to $3.33 billion. This indicates increased market activity, with more people buying and selling the cryptocurrency.

Data from Coinglass reveals growing interest in Solana’s futures market. The total money in Solana Futures has reached $5.25 billion, marking an 11.01% increase.

This rise in Open Interest could potentially support further price growth. However, it might also trigger sharp corrections if liquidation events occur in the futures market.

According to CryptoQuant, SOL’s Relative Strength Index (RSI) stands at 67. This places the token in a neutral zone, not yet considered overbought but approaching levels where selling pressure could increase.

Solana Price on CoinGecko

If the RSI exceeds 70, Solana may enter overbought territory. This could lead to a temporary price drop as some traders take profits.

Network activity appears to be supporting the price recovery. Over the past week, the number of active Solana wallets dropped to 1 million on March 20 before rebounding to 3 million by March 23.

New wallet creation followed a similar pattern. After a drop around March 19-20, wallet creation has bounced back over the last few days.

This network activity is a positive sign for Solana. More users typically indicates higher demand, which could help maintain price strength.

Polymarket’s integration of Solana is designed to lower transaction costs and improve user experience. The platform has become a leading venue for blockchain-based prediction markets.

“Starting today, you can now make deposits into your Polymarket wallet using Solana,” the company announced on March 24. The integration brings one of the industry’s fastest, lowest-cost networks to the platform.

With near-instant finality and very low transaction costs, Solana’s addition positions Polymarket to scale its user base. This could potentially introduce more users to the Solana ecosystem.

In the minutes following Polymarket’s integration announcement, Solana’s price spiked by nearly 7% to trade at $140. On the seven-day charts, Solana is up 10%.

For Solana to continue its upward movement, it needs to break past $140 with strong trading volume. The recent 130% jump in volume is a positive indicator, but sustained buyer interest will be needed.

If traders remain active, the RSI continues to rise, and network usage grows, SOL price could climb toward the next resistance level. The next few days will be crucial in determining whether Solana can maintain its recovery or face renewed selling pressure.

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