Solana traded $5.66 billion in 24 hours.
SOL rebounded by 15.52% in the past four days.
The recent SOL rebound reflects a potential trend reversal with significant breakouts.
Solana’s native cryptocurrency, SOL, experienced a significant surge in trading volume, reaching $5.66 billion in a single day, according to crypto influencer MartyParty. This surge, accompanied by over 20 million gas-paying user transactions, has fueled a recent rally in SOL’s price and sparked bullish sentiment among investors.
Solana has done $5.66b in volume in 24hrs on 20m gas paying user transactions ☝️higher. @solana #Solana pic.twitter.com/mGMYJb6Lnw
— MartyParty (@martypartymusic) July 15, 2024
This identified volume in the past 24 hours contributes to SOL’s impressive four-day rally, which has seen the top altcoin surge from a low of $133.91 to a high of $154.17 in the current trading session. The rebound represents a 15.52% rally after four consecutive bullish daily candles, according to TradingView data.
The recent SOL surge, triggered by increased transaction volume, has generated a confluence of significant breakouts, leading to a rise in bullish sentiment among retail investors. SOL’s recent rally confirms a breakout above the descending trendline on the daily chart. The downtrend formed after a series of lower highs on the Solana daily chart after bears resisted a Solana rally on May 21.
The trendline breakout coincided with a break above the significant 0.382 Fibonacci resistance on the daily chart, suggesting a confirmed reversal from the recent pullback. However, Solana faces further resistance around the $155 price region, comprising multiple horizontal resistances and matching the 0.5 Fibonacci level.
A break above these multiple resistance levels could pave the way for Solana to surge toward the May 21 high of $188.90, fulfilling the long-term anticipation of many crypto investors. It could also realign market sentiment toward the crypto token to a bullish outlook.
At the time of writing, Solana was trading for $151.30, with a 13.26% volume surge in the past 24 hours, according to CoinMarketCap data.
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