Key Insights

• Solana price climbed to $93 while testing the $94 resistance level that has capped every recovery attempt since the November 2025 breakdown.
• Trading volume doubled, and short liquidations surged above $18 million, signaling stronger bullish positioning as traders push SOL toward a breakout.
• Solana network activity strengthened with $7.18 billion TVL and nearly two million active addresses supporting the ongoing price recovery.

Solana traded near $93 during Monday’s session while moving closer to the $94 resistance level that has defined the upper boundary of its recovery since February. The session high reached $94.35, marking the first time the asset revisited this level since the sharp breakdown recorded in November 2025. Consequently, traders now focus on whether the daily candle closes above this price point, as the outcome could shape the next phase of the trend.

The current rally began in early February when Solana rebounded from lows near $68 and gradually pushed higher through key technical levels. Significantly, the Parabolic SAR indicator turned bullish during that recovery period, and the price continued to climb above several moving averages. Besides that progress, the 20-day exponential moving average around $87.62 now sits below the current market price.

Technical Indicators Highlight Critical Breakout Zone

Additionally, the 50-day moving average around $94.16 aligns closely with the Supertrend resistance level that traders continue to monitor. A daily close above this area would shift the Supertrend indicator to a bullish signal for the first time in months. Hence, such a move could open a path toward the 100-day moving average near $109.65, with the $100 level acting as an intermediate target.

Moreover, the one-hour chart reveals a steady ascending channel that formed after the March 8 rebound near $81. Prices have consistently respected both boundaries of this structure while moving upward during recent sessions. However, the channel midline between $91 and $92 now represents the nearest short-term support should a pullback occur.

Derivatives Activity Signals Rising Participation

Significantly, derivatives data show stronger trading participation across the market. Total trading volume increased more than 106% to reach $12.47 billion, while open interest climbed nearly 10% to $5.71 billion. Consequently, these figures indicate that new positions continue to enter the market rather than traders simply rotating existing trades.

Besides the rising volume, short positions faced notable pressure during the latest rally. Market data recorded $18.10 million in short liquidations compared with $1.24 million from long positions over the past day. Moreover, another $6.26 million in short positions closed within four hours as traders rushed to exit losing trades.

Additionally, on-chain data shows steady network usage across the Solana ecosystem. Total value locked across protocols increased to $7.18 billion while decentralized exchange volume reached $2.18 billion during the past day. Consequently, nearly 1.96 million active addresses interacted with the network while application fees generated more than $5.44 million.