SOMI breaks ATH as volume spikes and network hits 100K TPS | Credit: Hameem Sarwar
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Key Takeaways
SOMI hit a new all-time high of $1.84, fueled by an explosive surge in trading volume.
The rally lost steam as it entered overbought territory, dragging SOMI back to $1.60.
SOMI could rebound toward $1.90, but if selling pressure increases, the price could drop.
SOMI, the native token of layer-1 blockchain Somnia, surged to a new all-time high on Sunday, Sept. 7, after doubling in price to $1.84.
The rally was short-lived, though — SOMI has since pulled back to around $1.60.
In this analysis, CCN explores what fueled the sharp spike, why the correction followed, and what the charts suggest could come next for Somnia’s price.
Somnia Volume Drives the Hike
According to CCN’s findings, Somnia surged to a new all-time high after launching its Mainnet last week, fueled by its trading volume.
On Sept. 4, Somnia’s trading volume was under $120 million. Today, that figure has exploded past $1 billion.
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Furthermore, such a spike in trading activity signals intense market interest and liquidity, both of which are key drivers of price momentum.
When volume soars, more buyers and sellers are active, making it easier for the asset to sustain rallies. In SOMI’s case, this surge in volume, combined with the price surge, indicates significant buying pressure.
As a result, it helped propel its price to fresh highs, reinforcing bullish sentiment.
Beyond trading volume and price action, Somnia became the first blockchain to hit 100,000 Transactions Per Second (TPS).
The milestone highlighted the blockchain’s scalability and strengthened the network’s confidence to handle real-world adoption.
Celebrating the achievement, Ormi Labs—one of Somnia’s key backers—praised the project and pledged continued support, emphasizing its commitment to ensuring the network does not lag as activity grows.
“Somnia hits 1,000,000 TPS. A new era for Web3 performance as their mainnet launches, Ormi is proud to support the Somnia ecosystem with real-time subgraphs, data and infra built to keep up. From AAA games to DeFi dashboards, we make sure Somnia apps don’t lag behind the chain,” It stated on X.
SOMI Price Prediction: Upside or Downtrend?
From a technical perspective, the 4-hour chart shows that the Bull Bear Power (BBP) surged to higher values. The rise in the BBP helped drive SOMI’s rally to its all-time high.
At the same time, however, the upper band of the Bollinger Bands (BB) has touched the price, a signal that Somnia may have entered overbought territory.
This likely prompted some recipients of the SOMI airdrop to sell portions of their allocation, contributing to the pullback from $1.84 to current levels.
Due to this disparity, Somnia is in a critical position. If demand for the coin drops, it risks falling below the support line at $1.29.
Disclaimer:
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Victor Olanrewaju is a crypto analyst and reporter at CCN with deep roots in on-chain research and technical analysis. His crypto journey began in 2017, but it was the 2020 Uniswap airdrop that sparked a full-time pivot into the space.
With a foundation in copywriting, Victor honed his craft creating high-converting content for leading crypto brokers — most notably an XRP price prediction that ranked #1 on Google during the 2021 bull run.
He later joined AMBCrypto in 2022, where he combined storytelling with technical and on-chain analysis to cover key market narratives.
In 2024, he expanded his expertise at BeInCrypto, collaborating with analysts and using tools like Glassnode, Santiment, and IntoTheBlock to break down Bitcoin and altcoin trends.
At CCN, Victor covers the top cryptocurrencies, memecoins, macro shifts, blending real-time insights with deep-dive metrics.
He holds a Bachelor’s degree in Physics from the University of Ibadan, equipping him to simplify complex data for a wide audience. Follow his work or connect on LinkedIn or X.
