Key points
- SOL rose 2.5% in the last 24 hours and is now trading above $190.
- The coin could move 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 broader market strength and moved into positive territory. The token climbed about 2.5% over the past 24 hours and is trading above $190 per coin.
The recovery is backed by rising trading volumes, which have reached levels last seen in January. Higher on-chain exchange volume comes ahead of Friday’s Accelerate Asia Pacific Accreditation Cooperation (APAC) event and could reflect growing market interest in Solana’s upcoming developments.
The Accelerate APAC event, starting Friday in China, will spotlight Solana’s expanding role within the region’s Decentralized Physical Infrastructure Networks (DePIN) ecosystem.
Traders and investors are optimistic that announcements at the event could push SOL higher. On Saturday, SOL’s on-chain exchange volume across all applications reached roughly $220 million, the highest level since mid‑January. The uptick suggests more traders are positioning for a short-term price rise.
SOL eyes $220 as bullish momentum returns
The 4‑hour SOL/USD chart had been bearish recently, but momentum indicators are gradually turning positive. SOL added over 2.5% in the last day after a 13% drop last week following rejection around the 50‑day exponential moving average (EMA) at $206.09.
At the time of writing, SOL trades near $193 and could retest the 50‑day EMA in the short term. The 4‑hour RSI sits at 56 and is pointing upward, approaching overbought territory and signaling early signs of bullish momentum.
For a sustainable recovery, the RSI needs to remain above the neutral level. A prolonged rally could push SOL toward the $220 resistance level over the coming days.
Conversely, if SOL fails to sustain this momentum and corrects, it could extend its decline toward the stronger support level around $186.