Key takeaways
- SOL rose 2.5% over the past 24 hours and is now trading above $190.
- The coin could extend gains toward $220 ahead of the Accelerate APAC event.
SOL climbs past $190 as market momentum turns bullish
SOL, the native token of the Solana blockchain, has followed the broader market uptrend and moved into positive territory. The token gained 2.5% in the past 24 hours and is trading above $190 per coin.
The recovery is backed by rising trading volume, which has spiked to levels last seen in January. Volume increased ahead of the Accelerate Asia Pacific Accreditation Cooperation (APAC) event slated for Friday, an event that could highlight key ecosystem developments for Solana.
The Accelerate APAC event, starting Friday in China, is expected to emphasize Solana’s expanding role in the region’s decentralized physical infrastructure network (DePIN) ecosystem.
Traders and investors are optimistic the event could push SOL higher. Combined on-chain exchange volume for SOL reached $220 million on Saturday, the highest level recorded since mid-January. The surge in volume indicates increased trader interest in SOL as market participants anticipate further price upside in the near term.
SOL targets $220 as bullish momentum re-emerges
The 4-hour SOL/USD chart shows a downward bias recently, but momentum indicators are gradually turning bullish. SOL added more than 2.5% in the past day after a 13% decline last week following rejection at the 50-day Exponential Moving Average (EMA) near $206.09.
At the time of writing, SOL traded around $193 and may retest the 50-day EMA in the coming sessions. The 4-hour Relative Strength Index (RSI) sits near 56 and is pointing upward toward overbought territory, signaling early signs of bullish momentum.
For a sustainable recovery, RSI will need to remain above the neutral level. An extended rally could propel SOL toward the $220 target within days.
Conversely, if SOL fails to build on this momentum and faces a correction, it could resume its decline toward the nearest strong support at $186.