SOL Price Surges Today, Soaring More Than 7% as Robust Solana Network Inflows Have Fueled Market Confidence

input: SOL price has surged today, soaring more than 7% as robust Solana Network inflows have fueled market confidence. Besides, it also comes amid a broader crypto market recovery

Solana (SOL) price has surged today, soaring more than 7% as robust Solana network inflows fueled market confidence.

Solana Network Inflows Spark Optimism

A surge in liquidity inflows to the Solana network has sparked optimism among market participants, hinting at a potential SOL price rally ahead.

Over the past 30 days, over $120 million has been bridged to Solana from other blockchains, with Ethereum and Arbitrum contributing $41.5 million and $37.3 million, respectively.

Notably, this robust influx of capital signals renewed confidence in the network, reversing recent challenges. The timing of these inflows coincides with a resurgence in the top Solana memecoin prices, with POPCAT, FARTCOIN, BONK, and WIF posting significant gains.

Although fee generation has slowed, with $46 million in March and $22 million in April so far, the Solana network’s renewed appeal could be a positive indicator for SOL price.

As market sentiment shifts in favor of Solana, investors are eagerly watching for a potential price rally. With increased liquidity and renewed interest, SOL may be poised for some significant price movement.

How’s SOL Price Performing Today?

Amid the robust Solana network inflow, Solana value today jumped over 6% and exchanged hands at $133.36 after touching a 24-hour high of $135.23.

Notably, the price surge is accompanied by a 35% increase in trading volume to $4.59 billion and a 6% rise in Solana Futures Open Interest, indicating positive market sentiment.

Meanwhile, a recent Glassnode analysis showed that Solana’s URPD is going through a major shift in cost basis, forming a major supply cluster at $129.79 with over 32M Solana. This zone is likely to act as support during future drawdowns, reflecting high investor engagement.

With $144 as potential resistance and $117 as the lower bound, $129 serves as a key pivot zone. Considering the recent Solana network inflow and technical analysis, it appears that the SOL price might target the $150 level in the near term.

If the support at $129 holds and the resistance at $144 is breached, a rally to $150 could be imminent. Besides, a Solana price prediction also showed that the crypto could reach the $150 level by this month.