With a 24-hour spike in volume to over 12 million SOL, Solana just had one of its most noteworthy trading days in the previous month. This activity spike suggests a major change in trader sentiment and market positioning, and it is the largest volume surge Solana has witnessed in 30 days.

The daily chart shows that SOL has been testing the psychological $100 support level several times in recent weeks, as it has been moving lower within a descending triangle formation. However, on April 7, the price temporarily fell below this level, hitting a local low of about $98 before rising sharply and closing at $108, an intraday gain of over 9%. There was a sharp increase in volume during this bounce, indicating high buyer interest at lower levels. 

This rebound raises the possibility that SOL is forming a local bottom despite the downturn that has dominated since February. The argument for a possible short-term recovery or consolidation phase is supported by the RSI readings, which are currently hovering around 40 after recovering from oversold territory. However, difficulties still exist. The 100-day EMA at $140 and the 50-day EMA close to $130 serve as resistance levels for any attempts at a bullish breakout.

For as long as SOL does not break through those moving averages, this rally will only be a relief bounce inside a longer downtrend. The volume increase, however, might indicate whale accumulation or institutional reentry. After comparable washout events, Solana has historically experienced robust recoveries, particularly when significant trading volumes are present. 

Traders should keep an eye out for SOL's ability to maintain above $100 and surpass $115 with rising volume in the near future. If this is not done, recent lows might be retested. However, a rally toward the $130-$140 resistance zone is likely if momentum keeps up. The foundations of Solana are still solid, and the native token of the network may see a surprising resurgence if this volume spike results in further accumulation.