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- Solana’s spot volume rose 10.2% after a 62% crash, signaling renewed trader interest.
- Open Interest plunged amid heavy liquidations but is recovering slowly.
- On-chain metrics show SOL accumulation and rising activity, but $200 remains critical resistance.
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After a turbulent week, Solana (SOL) is showing early signs of strength. Data from CoinGlass on October 12 revealed that Solana’s spot trading volume on Binance had plunged by 62%. However, within the past 24 hours, activity rebounded with a 10.2% increase in trading volume — coinciding with a 10.59% price surge.
The recovery followed a major derivatives reset that saw traders liquidated heavily across exchanges. As a result, Solana’s Open Interest — a key measure of market participation — fell sharply from $14.83 billion to $9.81 billion between October 10 and 11. At the time of writing, OI had slightly recovered to around $10.28 billion.
Bulls Eye the $200 Level, but Resistance Looms
Solana’s price action has been pushing toward the $200 mark, a key psychological and technical barrier. Even if bulls manage to break above this level, the $200–$215 zone remains a tough resistance area that could determine whether SOL can sustain a longer-term uptrend.
Analyst Jelle, in a post on X, noted that while the altcoin market saw significant volatility, the $1.05 trillion market cap region has not been decisively lost — leaving room for a potential recovery across altcoins if that threshold holds.
On-Chain Data Hints at Gradual Accumulation
On-chain indicators add a layer of optimism. Glassnode’s Short-Term Holder NUPL metric for Solana recently dropped to levels last seen in June, signaling a deep market correction. However, this period has also seen a decline in exchange balances since mid-July — a sign that investors are moving SOL off exchanges and potentially accumulating.
Meanwhile, transaction counts, which had been declining since August, are beginning to trend upward again — suggesting renewed activity among users and traders.
Outlook: Cautious Optimism Ahead
Despite the improving indicators, broader sentiment remains tied to Bitcoin’s performance, which was testing resistance near $117,000 at press time. A confirmed breakout above $120,000 for BTC — coupled with SOL moving past $215 — would likely confirm a stronger bullish trend. Until then, the market may remain in a cautious “wait and watch” phase.
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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
Also Read: Solana Tests $182 Support — Rebound or Breakdown Ahead?
I’m a crypto enthusiast with a background in finance. I’m fascinated by the potential of crypto to disrupt traditional financial systems. I’m always on the lookout for new and innovative projects in the space. I believe that crypto has the potential to create a more equitable and inclusive financial system.
