Time

Solana

Spot

Green

<h2 id="b-tldr-b">TLDR:</h2>
<ul>
 <li style="font-weight: 400">Solana’s bubble map turned heating for the first time after roughly six months of cooling volume.</li>
 <li style="font-weight: 400">About half a dozen red bubbles printed as SOL fell from roughly $112 to $103, per the volume chart.&nbsp;</li>
 <li style="font-weight: 400">The June low near $62 printed neutral bubbles, so that bottom did not show a volume climax.&nbsp;</li>
 <li style="font-weight: 400">A $100 break with ongoing heating would confirm the decline, while fading volume points to a pullback.&nbsp;</li>
</ul>
Solana spot volume has flipped to a heating state for the first time in this window, and the move is happening while price falls. 
A bubble map of daily spot volume shows the first red bubbles after roughly six months of cooling readings. SOL has dropped from about $120 in early October to near $103. 
The chart colors each day’s volume against its own baseline. Heating means volume is running above that baseline, though color does not show direction.
<h2 id="b-six-months-of-cooling-volume-b">Six Months of Cooling Volume</h2>
From December through early June, nearly every bubble on the chart was green. Green marks cooling volume against the baseline. 
The chart plots each day’s spot volume state on price. During that stretch, <a href="https://blockonomi.com/yuga-labs-launches-mudwater-on-solana-with-2-5-ape-rewards/" rel="noopener noreferrer nofollow">SOL</a> slid from about $150 to the low $80s.
<img src="https://img.cryptoquant.com/823025/quicktake/rMMvYb_699ade191b0bae5ceb9c0aaf18f3953d286ad9a98e0228dcf3bf26745525286e.png">
Source: <a href="https://img.cryptoquant.com/823025/quicktake/rMMvYb_699ade191b0bae5ceb9c0aaf18f3953d286ad9a98e0228dcf3bf26745525286e.png" rel="noopener noreferrer nofollow">Cryptoquant</a>
Price drifted lower without any rise in volume. No spike in activity appeared along the way. That pattern matches a quiet bleed rather than a panic. Solana spot volume stayed muted while participation faded, and the decline continued.
The June low near $62 did not follow that script. Bubbles at that level turned neutral instead of heating. As a result, the bottom did not print a volume climax. Neutral bubbles then held through the recovery to roughly $120 in early October.
<h2 id="b-first-red-bubbles-appear-as-price-falls-b">First Red Bubbles Appear as Price Falls</h2>
The first red bubbles on this chart have now appeared. About half a dozen printed as SOL fell from roughly $112 to $103. Until then, no heating readings had shown up in the window.
Color only shows that volume is running hotter than baseline. It does not show direction. Neutral and cooling bubbles dominated earlier readings on the chart. However, heating volume on falling price points to active selling rather than drift.
This tape differs from the one that dominated the first half of the year. Earlier, price declined while volume cooled. Now, <a href="https://moneycheck.com/solana-sol-price-alpenglow-upgrade-and-rising-app-revenue-put-150-target-back-in-focus-pnr-591324e2c475e4da47bcc302/" rel="noopener noreferrer nofollow">Solana spot volume</a> is expanding as price moves lower.
<h2 id="b-the-100-level-frames-the-next-move-b">The $100 Level Frames the Next Move</h2>
Analyst Iko | Web3 shared a related view in a post on X. According to the post, SOL ran toward $120 but now trades near $103. The analyst described $100 as the key zone to watch. 
Holding that level could give buyers another shot at recovery. Losing it could allow sellers to take control. The post also asked whether buyers can defend their gains after the rally.
<div class="embed-x">
 <blockquote class="twitter-tweet">
 <a href="https://x.com/search?q=%24SOL&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$SOL</a> bulls have a decision to make. <img src="https://s.w.org/images/core/emoji/17.0.2/72x72/1f440.png" alt="👀" style="height: 1em; max-height: 1em;">
 Solana ran toward $120, but now the price is back near $103.
 Here’s the level that matters most <img src="https://s.w.org/images/core/emoji/17.0.2/72x72/1f447.png" alt="👇" style="height: 1em; max-height: 1em;">
 → $100 is the key zone to watch. → Hold it, and buyers may get another shot at recovery. → Lose it, and sellers could take control.
 The… <a href="https://t.co/majLJUzIXR" rel="noopener noreferrer nofollow">pic.twitter.com/majLJUzIXR</a>
 — Iko | Web3 (@IkoWEB3) <a href="https://x.com/IkoWEB3/status/2111707061255839868?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">October 18, 2026</a>
 </blockquote>
</div>
The Solana spot volume chart offers a way to track how that level plays out. If bubbles return to neutral or cooling while price holds near $100, selling is fading. In that case, the move would read as a pullback.
The alternative scenario looks different. If heating persists and $100 breaks, volume confirms the decline. The overheating state is struck through in the legend, so the chart does not show it. 
A move into that state would be the stress signal. Until one of those outcomes plays out, the $100 area remains the level to watch.
The post <a href="https://blockonomi.com/solana-spot-volume-flips-to-heating-or-the-first-time-as-sol-price-falls/" rel="noopener noreferrer nofollow">Solana Spot Volume Flips to “Heating” or the First Time as SOL Price Falls</a> appeared first on <a href="https://blockonomi.com" rel="noopener noreferrer nofollow">Blockonomi</a>.

Solana Spot Volume Flips to “Heating” or the First Time as SOL Price Falls

Table of Contents

Blockonomi

Other articles published on Oct 18, 2026

Solana Rapidly Closes The RWA Gap With Ethereum

Lesser-known memecoin ecosystems you should be watching...

TIA and INJ lead gains for the week.

MemeCore x LayerZero x Stargate

Meteora is making SERIOUS money.

Most Americans polled oppose betting on elections: Reuters

Join our free newsletter for daily crypto updates!