SOL must maintain key levels to sustain its bullish outlook.

The number of transactions on Solana has recently increased, but market activity indicates that sellers are dominant.

On the chart, SOL is still in a bullish pattern, which may push it back to its previous all-time high.

After hitting a historic high in December, Solana [SOL] has retraced, falling 18.18% in the past month.

However, with the asset rising 7.09% in the past week and 5.42% in the past 24 hours, the narrative seems to be changing.

Despite the obvious bullish momentum, there is still uncertainty. The overall structure tends to be bullish, but the recent selling pressure has raised questions about the sustainability of this trend.

Trading volume surged, but sellers dominate

The Solana network has recorded a surge in transaction activity, executing 66.9 million transactions in the past 24 hours. This is because the asset is gradually recovering from its recent slump.

The surge in trading volume may signal bullish or bearish sentiment, depending on whether market participants are buying or selling. To identify the trend, AMBCrypto analyzed the net flow of Solana on the exchange.

Net flow on the exchange measures the difference between the inflow and outflow of assets on the exchange. Positive net flow indicates more selling activity, while negative net flow indicates dominant buying pressure.

As of now, the net flow of Solana's exchanges is negative in both daily and weekly time ranges, indicating that buying activity has exceeded selling.

In the past 24 hours, SOL worth $6.15 million has been sold, and SOL worth $75.18 million has been sold in the past 7 days.

Despite the buying pressure, SOL's 5.42% price surge in the past 24 hours appears to be fragile.

A careful analysis of the trading volume shows a 25% decrease, indicating that the recent rebound may lack sufficient market momentum to sustain.

Usually, when prices soar accompanied by a decrease in trading volume, it indicates a temporary price increase without substantial market support.

Unless Solana's trading volume increases to support its price trend, the asset still faces the risk of a deeper correction.

Despite the pressure, SOL still maintains bullish potential:

SOL has entered a key support area on the chart and is trading within a bullish triangle structure.

The support level is between $188.89 and $173.24, an area historically associated with significant buying pressure, although such activity has not materialized at present.