Solana (SOL) Surges 15% as Investors Turn Bullish: What’s Next?

• 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.

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.