Key Takeaways
- SOL has risen 2.5% in the last 24 hours and is now trading above $190.
- The coin could recover 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 mirrored the broader market’s upward move and is trading in positive territory. The token climbed about 2.5% over the past 24 hours and is now changing hands above $190 per coin.
This recovery is backed by rising trading volumes, which have reached levels not seen since January. Volume has increased ahead of the Accelerate Asia Pacific Accreditation Cooperation (APAC) event this Friday, an occasion that could spotlight new developments across Solana’s ecosystem.
The Accelerate Asia Pacific Accreditation Cooperation event, starting Friday in China, is expected to emphasize Solana’s growing role within the region’s decentralized physical infrastructure networks (DePIN) ecosystem.
Traders and investors are increasingly optimistic that the event could provide a catalyst for SOL’s price. On Saturday, SOL’s on-chain trading volume across exchange applications reached $220 million, the highest level since mid-January. That volume spike suggests renewed interest from market participants who expect price appreciation in the near term.
SOL eyes $220 as bullish momentum re-emerges
The 4-hour chart for SOL/USD showed a corrective phase but is now signaling a gradual return of bullish momentum. SOL has regained more than 2.5% in the last day after sliding roughly 13% last week following a 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 soon. The 4-hour relative strength index (RSI) sits near 56, showing upward bias toward overbought territory and indicating early signs of bullish momentum.
For a sustainable recovery, the RSI needs to remain above neutral. If buying pressure persists, a continued rally could push SOL toward the $220 technical level over the coming days.
Conversely, if SOL fails to build on its current momentum and faces a corrective phase, prices could slide back toward strong support near $186.