Solana spot volume jumps to heating state as SOL price falls toward $100

Solana‘s spot trading volume has shifted to a “heating” phase for the first time in approximately six months, just as SOL’s price is retreating. Recent market activity reveals increased volumes coinciding with a drop in SOL’s price, drawing renewed attention to key support levels.

Volume Change after Prolonged Cooling Period

A daily bubble map tracking Solana spot volume now shows red bubbles, a significant departure from the consistent green readings recorded since December. The appearance of red bubbles indicates periods when trading volume exceeds the baseline for that day, with no explicit connection to price direction. Over the past six months, volume mostly cooled or remained neutral as SOL’s value gradually moved lower.

Between December and early June, SOL declined from about $150 to the low $80s, yet volume did not experience any pronounced spikes. The continuing downward drift, accompanied by subdued participation, reflected a market experiencing a slow but steady decline rather than sharp sell-offs.

At the June low near $62, the bubble map recorded neutral rather than heated conditions, signaling no climax in volume. As SOL recovered to nearly $120 in early October, bubble readings stayed neutral, providing little indication of aggressive buying or selling.

The color-coding system in this context marks green for cooling, neutral for baseline, and red for heating volume relative to historical daily averages.

Red Bubbles Signal Active Selling as Price Drops

The recent transition to red bubbles occurred while SOL slipped from about $112 to $103, signaling a period of heightened trading activity for the first time since the prolonged cooling phase. Analysts generally interpret increasing volume during a price decline as a signal of more active selling, compared to previous periods where lower volume corresponded with gentle price drifts.

This contrasts with earlier months when falling prices were accompanied by lackluster activity. Now, Solana’s spot volume has picked up momentum as the price continues to drop, hinting at a possible shift in market sentiment.

$100 Support Level Holds Key to Next Trend

Market analyst Iko | Web3 described the $100 mark as a critical threshold for Solana. In a social media post, the analyst noted SOL’s previous rally toward $120 and emphasized the importance of the $100 support zone. According to Iko, holding above $100 could present a new chance for buyers, while a breakdown below this level could shift momentum in favor of sellers.

Solana rallied toward $120, but now hovers close to $103. The area around $100 is vital; if that support holds, buyers may have another opportunity for recovery. A dip below $100 could strengthen the sellers’ position.

The updated bubble map offers a visual method to track market sentiment. Should the volume bubbles return to neutral or cooling as SOL holds near $100, it may signal waning selling pressure and point to a potential pullback. Continued heating and a decisive break beneath $100, however, would add confirmation to an extended downtrend.

The legend accompanying the chart distinguishes between cooling, neutral, heating, and an overheating state. The overheating marker is shown as not currently active on the chart, but entering this phase would indicate high stress in the market.

Until one of these scenarios unfolds, market participants are closely observing the $100 area for further direction in SOL’s price movement.

Mini dictionary: Bubble map — In cryptocurrency analysis, a bubble map is a visual tool that displays changes in trading volume or other metrics using colored ‘bubbles’ to indicate varying levels of market activity compared to historical averages. The color often reflects states such as cooling (lower volume), neutral (average volume), heating (above-average volume), or overheating (significant spikes).