Key takeaways
- SOL has risen 2.5% over the past 24 hours and is now trading above $190.
- The coin could climb toward $220 ahead of the Accelerate APAC event.
SOL tops $190 as market momentum turns bullish
SOL, the native token of the Solana blockchain, has followed the broader market’s upward trend and is trading in positive territory. The token gained roughly 2.5% in the past 24 hours and is now trading above $190 per coin.
This recovery is supported by rising trading volumes, which have reached levels not seen since January. The volume increase comes ahead of the Accelerate Asia Pacific Accreditation Cooperation (APAC) event on Friday, an occasion that could highlight important ecosystem developments for the Solana network.
The Accelerate APAC event, which begins Friday in China, will spotlight Solana’s growing role within the region’s decentralized physical infrastructure network (DePIN) ecosystem.
Traders and investors are optimistic that the event could push SOL’s price higher. On Saturday, SOL trading volume generated across on-chain exchange applications reached $220 million, the highest level recorded since mid-January. The increased volume suggests more traders are showing interest in SOL as they anticipate potential short-term gains.
SOL targets $220 as bullish momentum returns
The SOL/USD 4-hour chart remains technically bearish in the larger context, but momentum indicators are gradually turning bullish. SOL recovered more than 2.5% over the last 24 hours after dropping about 13% last week following rejection near the 50-day exponential moving average (EMA) at $206.09.
At the time of writing, SOL trades around $193 and may retest the 50-day EMA in the near term. The 4-hour RSI sits at 56 and is pointing upward toward overbought territory, indicating early signs of bullish momentum.
For a sustainable recovery, the RSI must remain above the neutral midline. A sustained rally could push SOL toward the $220 target level over the coming days.
Conversely, if SOL fails to build on the current momentum and faces a correction, the decline could extend toward the key support level near $186.