- SOL has captured a notable share of the stablecoin supply over the past 24 hours as interest grows.
- Accumulation in the spot market has increased over the past five days, indicating rising market interest in the asset.
Despite its recent bearish trend over the past week and months, Solana [SOL] has remained relatively stable over the past 24 hours as sentiment shifts, dropping slightly by 1.05%.
The growth in stablecoin supply and investor accumulation of SOL are clear indications of a prevailing bullish sentiment in the market.
Solana’s stablecoin supply and accumulation grow
There has been a notable surge in the total supply of stablecoins on Solana over the past 24 hours. At the time of writing, $106.8 million in stablecoins has been added to the network, indicating rising demand for SOL.
This could be for various purposes, including staking in protocols or development activities.
Source: Artemis
Sentiments like these tend to reflect positively on price, with the asset gradually climbing higher. However, it would require more fundamental catalysts for a significant momentum rally.
Spot market traders have been steadily accumulating SOL over the past five days. As of now, these traders have purchased over $100 million worth of SOL, with the single largest purchase occurring on the 28th of March, when $89 million was bought.
Source: Coinglass
Spot traders have transferred their accumulated SOL into private wallets, signaling potential long-term holding and reducing market supply.
Transaction activity has also been increasing, indicating heightened network engagement. Between March 24 and now, total transaction counts have risen from 87.6 million to 92.7 million, reflecting a strong trader presence.
Source: Artemis
Given the significant accumulation by spot traders and SOL’s relatively stable price range, trading activity appears to be positively impacting price movements.
Long bets rise in futures and options markets
In the derivatives market, interest is growing as indicators show traders are placing long bets in anticipation of a rally.
The number of unsettled derivative contracts, known as Open Interest (OI), has increased in both futures and options markets.
At the time of writing, OI in the futures market has risen by 1.69%, reaching $4.70 billion. Similarly, OI in the options market has surged by 16.19%, climbing to $3.3 million.
This increase, combined with a 21.15% rise in overall market trading volume to $11.25 billion, reflects growing activity.
The data suggests that long traders are driving this momentum, anticipating a rise in SOL’s price.
Source: Coinglass
The liquidation heat map, which identifies areas of unfilled orders, indicates that a potential price movement could occur in either direction.
The highlighted sections of the chart in green and yellow suggest liquidity at these levels, which tends to attract price movements.
With bullish market sentiment—particularly stablecoin growth and spot traders’ accumulation—SOL is likely to move upward, with the potential to reclaim the $130 region.