Solana is showing signs of life again, edging back toward the $140 mark after a week of choppy movement. The renewed momentum comes as trading activity heats up and on-chain indicators point toward what analysts describe as a “deep-cycle reset” — a stage that often appears before major upside breaks.
SOL traded around $138 on Dec. 10, gaining roughly 5% in 24 hours. Over the past week, the price has bounced between $128 and $145, still recovering from a broader monthly pullback of about 17%. Despite the uneven action, traders are clearly returning: Solana recorded $6.97 billion in daily trading volume, a 34% spike that reflects renewed interest across both spot and derivatives markets.
Derivatives activity underscores the trend. According to CoinGlass, Solana’s futures volume climbed 23% to $18 billion, while open interest edged 2.3% higher to $7.25 billion. Rising open interest during a relatively calm price range often signals that traders are accumulating positions quietly — a behavior that tends to appear just before market direction changes.
Liquidity Reset Suggests a New Phase Is Building
On-chain data supports the idea that Solana may be entering the later stages of a market reset. Glassnode highlighted that the blockchain’s Realized Profit-to-Loss Ratio (30-day SMA) has stayed below 1 since mid-November. This means the market has been realizing more losses than gains, a characteristic phase of deep resets where liquidity thins out and weaker participants exit.
Research group Altcoin Vector described Solana’s current environment as a “full liquidity reset,” a condition seen in previous cycle bottoms. Historically, once liquidity begins to recover from these levels, price momentum can accelerate quickly, kicking off multi-week rallies. Their projections suggest a potential shift in early January, though they note the rebound could arrive sooner.
Adding to the optimism, the Breakpoint 2025 conference, running from Dec. 11–13, could bring fresh catalysts. The event typically draws major industry players and may introduce updates on real-world asset integrations, partnerships, and new revenue frameworks on Solana — all themes that tend to stir investor interest.
Technical Picture Shows Emerging Strength
On the charts, SOL is holding above the lower Bollinger Band near $135, steadily tracking upward toward the middle band around $145. While the RSI sits at a neutral 48, it has been rising gradually since last week’s slump. Momentum indicators look healthier, with the MACD beginning to shift into positive territory — often an early hint of a trend change.
Short-term moving averages, like the 10-day and 20-day, now sit just below SOL, offering support. However, the asset still needs to overcome longer-term averages before a full breakout can form.
A decisive close above $145 could open the door toward $160, while rejection at this level may push the price back to the $135 support zone. For now, Solana appears to be navigating a classic reset phase — one that historically sets the stage for the next major cycle.
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