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As fears of war stemming from the Middle East recede and a “peace trade” market takes shape, Solana (SOL), a leading altcoin, has launched a strong rebound rally backed by record-breaking stablecoin utilization.
According to CoinMarketCap on March 10 (local time), Solana rose 2.63% over the past 24 hours to trade at $86.42, leading the broader market recovery. This movement closely tracks Bitcoin (BTC), which gained 3.06%, while the total cryptocurrency market capitalization also rose 2.34%, signaling a rapid improvement in investor sentiment toward risk assets.
The primary driver of the rally is macroeconomic relief. U.S. President Donald Trump stated that the military phase in Iran had been completed very successfully, significantly easing geopolitical tensions in the Middle East. As international oil prices declined and inflation concerns subsided, market fear dissipated, triggering a typical rally in high-beta assets such as Solana.
Capital rotation into the Layer 1 sector and overwhelming network usage further support the uptrend. The Layer 1 sector climbed 3.41% in a single day, confirming capital inflows, while Solana processed a record $650 billion in stablecoin settlement volume in February, demonstrating its value as an irreplaceable payment infrastructure. Additionally, THORChain resumed Solana swaps, strengthening cross-chain liquidity.
Technical indicators are also sending positive signals. The Relative Strength Index (RSI) stands at 63.1, maintaining solid bullish momentum without entering overbought territory, while the price is successfully testing the seven-day simple moving average (SMA) near $85.83. Currently, Solana is forming a short-term consolidation range between the $80 support level and the $90 resistance level as it searches for direction.
If the $85–$86 range converts into solid support, further gains beyond the $90 resistance level toward $105 could be possible. However, if the $80 support fails, there remains a risk of a decline toward $70. Market attention now turns to the upcoming U.S. Consumer Price Index (CPI) release on March 12, which is expected to serve as a key catalyst in determining whether Solana can break above $90.
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