Solana, Buying Pressure Rekindled..."If it breaks the last resistance, $100"

▲ Solana (SOL)

Solana (SOL) is showing a rebound around the $95 mark according to CoinMarketCap's real-time chart, maintaining its 7th position by market capitalization. Its 24-hour increase rate was recorded at 2.60%, and trading volume also exceeded $5 billion, indicating a renewed inflow of short-term buying pressure.

According to CoinMarketCap, Solana is currently trading at $95.36 as of May 11. Its 24-hour trading volume was recorded at $5.04991 billion, and its market capitalization at $55.09533 billion. The circulating supply is 577,768,621 SOL, and the total supply is indicated as 626.09 million SOL. Its CoinMarketCap ranking is 7th.

The short-term price trend shows an upward bias within a narrow range. The 24-hour low was $92.95, and the high was $96.81. As the current price is closer to the high, it can be interpreted that buying pressure is maintaining strength in the upper range rather than the lower range during the trading day. However, if it fails to decisively break through the upper $96 range, the accumulation period before re-entering $100 could be prolonged.

The trading volume indicator supports the possibility of increased short-term volatility. Solana's 24-hour trading volume increased by 48.04%, and its market cap to volume ratio was indicated as 9.16%. The simultaneous occurrence of price increase and volume increase suggests a recovery accompanied by market participation, rather than just a low-liquidity rebound. However, as the 24-hour fluctuation range is limited from $92.95 to $96.81, it is more appropriate to view it as a short-term rebound rather than a strong trend breakout.

From a mid-to-long-term perspective, there is still significant room for recovery relative to its peak. Solana's all-time high was $294.33 recorded on January 19, 2025, and the current price is 67.6% lower than its all-time high. This means that despite the short-term rebound, it is difficult to say that Solana has entered a phase of recovering its past highs. Conversely, compared to its all-time low of $0.5052 recorded on May 11, 2020, the current price is 18,775.7% higher.

Major tokens within the Solana chain also generally showed an upward trend. Among the Solana ecosystem tokens listed on CoinMarketCap, Jupiter (JUP) rose by 1.52%, Pump.fun (PUMP) by 1.11%, Pudgy Penguins (PENGU) by 1.63%, Bonk (BONK) by 1.75%, and dogwifhat (WIF) by 2.73%. This can be seen not just as a Solana-specific rebound, but as a broader resurgence of risk appetite across the ecosystem.

The key to the current Solana market situation is whether it can break through the short-term high of $96.81. If it surpasses this level, expectations for a $100 recovery could increase, but if it fails, the 24-hour low around $92.95 is likely to emerge as the primary defense line. Although the price has risen, it has not yet recovered $100, and the gap to its all-time high is still significant, meaning that short-term bullishness and mid-to-long-term recovery challenges should be viewed separately.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*