- Transaction activity on the SOL network surged over the past 24 hours, suggesting increased interest.
- Market sentiment in both the spot and derivatives markets is gradually shifting in favor of a bullish outlook.
Solana [SOL] has struggled after hitting its all-time high of $264.39. Over the past month, it has dropped by 13.20%, erasing its previous gains. On the daily chart, the asset is down 2.93%, trading at $209.44 at press time.
AMBCrypto observed that increased trader activity could indicate selling pressure, but the overall sentiment suggests a possible bullish reversal.
Increased trading activity: What does it mean for SOL?
According to Artemis data, daily transactions on the SOL network have surged, with the number nearing 67 million—levels not seen in recent months.
A spike in transaction activity can signal either positive or negative momentum for an asset, often depending on price movement.
Source: X
In SOL’s case, the price has declined by 2.93%, suggesting that the increased transactions may indicate selling pressure. The asset recently hit a new weekly low, trading at $199.39.
However, this decline has pushed SOL into a support zone on the weekly chart—a level historically associated with strong buying interest. This support could drive a potential price rebound in the near term.
