The Solana network has seen a surge in inflows – will the SOL price go up with it?

By Biraajmaan Tamuly, CoinTelegraph; Compiler: Deng Tong, Golden Finance

Over the past 30 days, crypto market participants have bridged more than $120 million in liquidity to Solana from other blockchains, indicating renewed confidence in the network. According to Debridge, traders transferred the highest amount from Ethereum at $41.5 million, followed by $37.3 million from Arbitrum.

Meanwhile, users on Base, BNB Chain, and Sonic transferred $16 million, $14 million, and $6.6 million, respectively.

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The total amount transferred to Solana from other chains. Source: Debridge

Solana's return to liquidity stands in stark contrast to the recent challenges the network has faced. After Argentine President Javier Milei was embroiled in the LIBRA meme coin scandal, Solana welcomed $485 million in investors who have transferred funds to other blockchains such as Ethereum and BNB Chain.

The current liquidity influx in Solana coincides with another double-digit increase in the price of the meme coin, with POPCAT, FARTCOIN, BONK, and WIF up 79%, 51%, 25%, and 21%, respectively, over the past seven days.

However, further analysis revealed that the total expenses incurred in March were just under $46 million. In comparison, Solana's fees peaked at $400 million in January 2025. Currently, the total costs incurred in April are about $22 million.

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The total amount of expenses and revenue incurred by Solana. Source: DefiLlama

Solana prices are set to face a tough rally ahead

From a technical point of view, Solana is still in a bearish trend on the 1-day chart. SOL would have to break out of the bullish structure and close above $147 for a shift in the bullish trend.

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Solana 1-day chart. Source: Cointelegraph/TradingView

Solana remains below $140 with the 50-day exponential moving average (blue line) acting as strong resistance. If the closing price is above the 50-day moving average, it is expected to increase the likelihood of a trend reversal, but the SOL price has stalled at the current level.

On the lower timeframe (LTF) chart, there is a bearish divergence between Solana's price and the Relative Strength Index (RSI) indicator. Historically, bearish divergence signals have signaled a pullback period for Solana in 2025. Since January, SOL has experienced four bearish divergences, each of which has occurred after a price decline.

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Solana 4-hour chart. Source: Cointelegraph/TradingView

The previous and current bearish divergences are very similar. Both divergences occurred after the price temporarily broke above the 50-day and 100-day moving averages (blue and green) on the 4-hour chart, which eventually led to a decline in the price.

As a result, Solana is likely to follow a similar path in the coming days. The 1-day demand area is the immediate area of concern for the rally between $115 and $108.

Meanwhile, Glassnode reported a significant change in Solana's realized price distribution in a recent X post, with more than 32 million SOL purchased at the $130 price point over the past few days. This accounts for 5% of the total supply, which means that the $130 level could be a strong support level going forward. "Below $129, we expect $18 million $SOL (3%) to be at $117.99 and above $129, $27 million $SOL (4.76%) to be at $144.54," the analysis added. In the short term, $144 could act as a resistance level, $117 could become the lower limit of the price range, and $129 could be a key pivot area. ”

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Solana UTXO fulfillment price. Source: Glassnode