- Over $120 million in liquidity has flowed into Solana from other blockchains, signaling renewed investor interest.
- However, technical indicators suggest SOL may struggle to sustain gains without a clear bullish breakout above $147.
In a dramatic shift of sentiment, over $120 million in crypto liquidity has flooded into the Solana (SOL) network over the past 30 days — a welcome change after months of outflows and skepticism. The renewed inflow signals a potential turning point for Solana, but technical indicators suggest the road to price recovery remains uncertain.
According to DeBridge, Ethereum led the exodus of funds into Solana with $41.5 million, followed closely by Arbitrum at $37.3 million. Other networks like Base, BNB Chain, and Sonic also contributed to the liquidity surge. The capital rotation highlights investor appetite for Solana’s ecosystem, especially amid the recent memecoin revival.
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Tokens like POPCAT, FARTCOIN, BONK, and WIF posted gains ranging from 21% to 79% in the past week alone, boosting short-term optimism. However, while hype may fuel price spikes, long-term momentum relies heavily on network fundamentals — and those remain mixed.
Solana’s generated fees tell a more sobering story. March saw under $46 million in fees, down sharply from the network’s January peak of $400 million. April looks even weaker so far, with just $22 million in fees generated to date, according to DefiLlama.
On the technical side, SOL is still locked in a bearish trend. The price struggles to push past the 50-day exponential moving average and must close above $147 on the daily chart to signal a confirmed bullish reversal. Until then, resistance at $140 remains a major hurdle.
Adding to the bearish tone, a bearish divergence has emerged between SOL’s price and RSI on the 4-hour chart — a pattern that has consistently preceded declines in 2025. If history repeats, SOL could revisit its demand zone between $115 and $108.
Still, not all signals are bleak. Analytics firm Glassnode reports over 32 million SOL — or 5% of total supply — has recently been purchased around the $130 level, establishing it as a potential long-term support.
The surge in liquidity shows investors are willing to bet on Solana’s comeback — but whether SOL price can capitalize on the momentum remains to be seen.
