Source: Cointelegraph Original: "{title}"
According to Debridge data, over $120 million in liquidity has been transferred from other blockchains to Solana in the past 30 days, indicating a revival of market confidence in the network. The largest amount transferred came from Ethereum, totaling $41.5 million, followed by $37.3 million from Arbitrum.
Meanwhile, users from Base, BNB Chain, and Sonic transferred $16 million, $14 million, and $6.6 million, respectively.
Total amount transferred from other chains to Solana. Source: Debridge
This wave of liquidity returning contrasts sharply with the challenges Solana has faced recently. Following the LIBRA meme coin scandal in Argentina (involving President Javier Milei), Solana experienced an outflow of $485 million to other blockchains like Ethereum and BNB Chain.
The current increase in liquidity flowing into Solana coincides with double-digit price increases in meme coins. In the past seven days, POPCAT, FARTCOIN, BONK, and WIF have risen by 79%, 51%, 25%, and 21%, respectively.
However, further analysis shows that the total fees generated in March were just below $46 million. In comparison, Solana's fees peaked at over $400 million in January 2025. Currently, the total fees generated in April are around $22 million.
Total fees and revenue generated by Solana. Source: Defillama
From a technical perspective, Solana is still in a downtrend on the daily chart. SOL needs to break above $147 and close above it to confirm a trend reversal to the upside.
Solana daily chart. Source: Cointelegraph/TradingView
Solana is currently hovering below $140, with the 50-day exponential moving average (blue line) acting as strong resistance. A breakthrough of the 50-day moving average would increase the likelihood of a positive trend reversal, but the SOL price is currently stagnant at this level.
On the lower time frame (LTF) charts, a bearish divergence has appeared between Solana's price and the relative strength index (RSI). Historically, bearish divergences since 2025 have typically indicated that Solana will enter a correction phase. Since January, SOL has experienced four bearish divergences, each followed by a price decline.
Solana 4-hour chart. Source: Cointelegraph/TradingView
The current bearish divergence is very similar to previous patterns. Both divergences occurred after a brief breakout above the 50-day and 100-day moving averages (blue line and green line) on the 4-hour chart, ultimately leading to a price drop.
Therefore, Solana may repeat a similar trend in the coming days. The demand zone between $115 and $108 on the daily chart is a key support level for a short-term rebound.
At the same time, a recent report released by Glassnode on the X platform shows a significant change in Solana's realized price distribution, with over 32 million SOL bought at the $130 level in the past few days, accounting for 5% of the total supply, indicating that $130 may become a strong support level in the future. The analysis also pointed out:
Solana UTXO realized price. Source: Glassnode
Related: Solana's price has risen 36% from the lows of the crypto market crash—Is $180 the next target?
This article does not constitute investment advice or recommendations. All investment and trading activities carry risks, and readers should conduct their own research when making decisions.
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