TLDR
- Solana price is up 5.87%, trading at $138, though still down 20% for the month
- Polymarket has integrated Solana, now allowing users to make deposits with SOL
- Trading volume surged 130.42% to $3.33 billion with open interest up 11.01% to $5.25 billion
- Active Solana wallets rebounded from 1 million to 3 million between March 20-23
- Solana needs to break past $140 resistance level for continued upward momentum
The price of Solana (SOL) has shown signs of recovery over the last 24 hours, climbing 5.87% to reach $138. This uptick comes after weeks of downward pressure that left the cryptocurrency down 20% over the past month.
SOL Price
Solana’s price bounce from a low of $128.49 suggests short-term strength. However, the cryptocurrency faces resistance at the $140 mark, where sellers have consistently pushed prices down. Breaking and maintaining a position above this threshold could signal a shift toward more positive market sentiment.
Two possible scenarios for Solana $SOL:
🔹 $144 is a key level for bulls to reclaim for more upside.
🔹 This price level has the highest trading volume since March 2024. pic.twitter.com/vQX60XwYOx
— Trader Edge (@Pro_Trader_Edge) March 23, 2025
A major catalyst for this recent price action appears to be Polymarket’s integration of Solana into its platform. The prediction market announced on March 24 that users can now deposit funds using SOL rather than being limited to USDC stablecoins as before.
The integration news triggered an immediate market reaction. SOL’s price spiked nearly 7% following Polymarket’s announcement, reaching the $140 mark momentarily before settling at $138.
Starting today, you can now make deposits into your Polymarket wallet using Solana.https://t.co/3sBK0ai3VU
— Polymarket (@Polymarket) March 24, 2025
Trading volume for Solana has surged dramatically, jumping 130.42% to reach $3.33 billion. This increased activity indicates that more traders are actively buying and selling the cryptocurrency, though the market remains cautious.
Data from Coinglass shows that the total money in Solana Futures has risen to $5.25 billion, an 11.01% increase. This growth in open interest suggests more traders are taking leveraged positions on SOL’s future price movement.
The RSI (Relative Strength Index) for Solana currently stands at 67, placing it in neutral territory according to CryptoQuant. While not yet in overbought territory, it is approaching levels where selling pressure typically increases.
If the RSI exceeds 70, it could indicate that Solana is overbought, potentially leading to a price correction. Conversely, if the RSI stabilizes or decreases, prices might consolidate before the next significant move.
User activity on the Solana network may provide additional context for recent price movements. The number of active wallets dropped to 1 million on March 20 before rebounding to 3 million by March 23, suggesting renewed interest in the ecosystem.
New wallet creation followed a similar pattern, dropping around March 19-20 before recovering in recent days. This metric is often viewed as an indicator of new user adoption.
Polymarket’s decision to integrate Solana aligns with their strategy to lower transaction costs and improve user experience. Solana’s near-instant finality and minimal transaction fees make it an attractive option for scaling the prediction market platform.
The prediction market has seen explosive growth throughout 2024, particularly around political forecasting. Research indicates Polymarket has achieved 90% accuracy when predicting outcomes one month in advance, rising to 94% accuracy in the final hours before event resolution.
For Solana to maintain its upward momentum, it needs to break through the $140 resistance level with sustained trading volume. The recent 130% jump in volume is promising, but any decline in buyer activity could see SOL struggle to maintain current price levels.
The cryptocurrency’s future price action will likely depend on continued trader activity, RSI trends, and user adoption rates. If these metrics remain positive, SOL could push toward higher resistance levels in the coming days.
