Key Highlights
- Solana surged 11.75% to $141.92 as heavy short liquidations fueled buying, with major exchanges driving most of the rally and boosting market confidence.
- Solana’s DeFi ecosystem grew strongly, with TVL rising to $9.12B, daily app revenue hitting $4.34M, and active users climbing to 2.23M, showing network strength.
- Technical signals show buyers gaining control as SOL rises above the 50-EMA, RSI at 63, and key $150 level could confirm a breakout toward $170–$190.
Solana’s price shot up sharply on Wednesday, rising 11.75% to $141.92. The surge came as short sellers faced heavy liquidations, fueling strong buying activity across major exchanges. So far, Solana has a 24-hour trading volume of $7.04 billion according to CoinMarketCap.
In the meantime, Bitcoin also gained momentum and was trading 7.40% higher at $93,249.34, while the global crypto market cap jumped to $3.15 trillion, up 7.09% in just 24 hours. The total market volume in 24 hours reached $172.23 billion, up 18.61%, indicating increasing investor activity.
Solana’s surge came as traders liquidated close to $20.7 million in positions, mainly from shorts. According to Coinglass data, only $1.58 million in long positions were closed while $19.13 million in shorts were wiped out.
The same pattern was confirmed by short-term timeframes, with losses hitting the 1-hour, 4-hour, and 12-hour windows. According to SolanaFloor, $60 million worth of short positions were liquidated in the last 24 hours, with $39 million via on-chain perps and $19 million on centralized exchanges. Therefore, market volatility heavily favored buyers at the expense of bearish traders.
Most of Solana’s trading happened on major exchanges. Binance led with $5.82 billion, followed by MEXC, Bybit, OKX, and Gate. Smaller platforms handled the rest. This shows that both big and small traders mainly used top exchanges, where liquidity is strongest, to drive the recent price surge.
DeFi growth and getwork metrics
Solana’s DeFi ecosystem also proved robust. The total value locked (TVL) climbed to $9.12 billion, up over 10% in the last 24 hours, per DefiLlama. Stablecoins on the network eclipsed $15 billion, with decentralized exchanges trading $3.54 billion in daily volume.
Adding to this, the perpetuals added another $1.32 billion, proving that a lot of trading is going on within the network. The daily active app revenue reached $4.34 million, and daily active users increased to 2.23 million.
Besides this, the inflow of new funds of $10.8 million boosted Solana’s market cap to $79.58 billion. Overall, the network keeps growing, boosted by increasing demand and greater liquidity.
Technical analysis and market outlook
On the technical side, TradingView data shows Solana experienced earlier weakness below the 50-period Exponential Moving Average (EMA) and later climbed above the EMA around $135 to reach $141.
This crossover was an indication that the buyers were taking control of the market, while the RSI of 63 reflected growing confidence without entering overbought territory. The 50-period EMA describes recent price tendencies, while the RSI is one indicator of buying or selling pressure in the market.
Analyst Mayank Dudeja of SPYONGEMS highlighted that SOL is bouncing from the $131–$137 demand zone with rising volume. He noted, “Price is now testing the descending trendline, hinting at a momentum shift. Daily close above $150 → breakout confirmed. Targets → $170–$190. Rejection from $145–$150 → retest back to $135–$131.”
Solana’s recent rise shows the risk short sellers face and reflects renewed activity in its DeFi network. Strong trading volumes and technical signals suggest momentum is turning positive. The $150 level is one to watch, as holding above it could indicate further price gains.
Also Read: Bitcoin Climbs Back Above $90K Amid Regulatory Optimism
