Despite recent bearish trend, Solana [SOL] remains stable as sentiment shifts

Despite its recent bearish trend over the past week and months, Solana [SOL] has remained relatively stable

Despite its recent bearish trend over the past week and months, Solana [SOL] has remained relatively stable over the 24 hours as sentiment shifts, dropping slightly by 1.05%.

This stability comes amid a backdrop of bullish market sentiment, which could be a fundamental catalyst for a sustained rally.

Solana’s stablecoin supply and accumulation grow

There has been a notable surge in the total supply of stablecoins on Solana over the 24 hours. At the time of writing, $106.8 million in stablecoins has been added to the network, indicating rising demand for SOL.

This could be for various purposes, such as staking in protocols or development activities.

As stablecoins typically maintain a stable price, their influx is likely to exert upward pressure on SOL, potentially explaining its resilience against the broader market downturn.

Spot market traders have also been steadily accumulating SOL over the past five days. At the time of writing, these traders have purchased over $100 million worth of SOL, with the single largest purchase occurring on the 28th of March, when $89 million was bought.

The traders have since transferred their accumulated SOL into private wallets, which could indicate potential long-term holding and reduces market supply.

Transaction activity has also been increasing, indicating heightened network engagement. Between March 24 and now, total transaction counts have risen from 87.6 million to 92.7 million, reflecting a strong trader presence.

Given the significant accumulation by spot traders and SOL’s relatively stable price range, trading activity appears to be positively impacting price movements.

Long bets rise in futures and options markets

In the derivatives market, interest is growing as indicators show traders are placing long bets in anticipation of a rally.

The number of unsettled derivative contracts, known as Open Interest (OI), has increased in both futures and options markets.

At the time of writing, OI in the futures market has risen by 1.69%, reaching $4.70 billion. Similarly, OI in the options market has surged by 16.19%, climbing to $3.3 million.

This increase, combined with a 21.15% rise in overall market trading volume to $11.25 billion, reflects growing activity.

The data suggests that long traders are driving this momentum, anticipating a rise in SOL’s price.

The liquidation heat map, which identifies areas of unfilled orders, indicates that a potential price movement could occur in either direction.

The highlighted sections of the chart in green and yellow suggest liquidity at these levels, which tends to attract price movements.

With bullish market sentiment—particularly stablecoin growth and spot traders’ accumulation—SOL is likely to move upward, with the potential to reclaim the $130 region.