Solana (SOL) saw a slight uptick in price over the past 24 hours alongside a surge in daily trading volume.
Traders’ interest in SOL has been growing as the frenzy around Solana-based celebrity memecoins has resurfaced recently. Bitcoin and Ethereum also experienced brief price increases following the release of US CPI data. Other altcoins have started to recover after a dip last week, with Solana (SOL) showing a daily price increase after a recent decline.
In the last 24 hours, SOL’s market price rose by 0.35%, currently trading at $152.10 with an 11.01% increase in daily trading volume according to CMC data. The token has also shown increased market price volatility in the past week.
Despite these positive movements, Solana’s market price has struggled to break through resistance at the $155 level in the past month. The token experienced a weekly decline of 11.82%, reaching a low of $145.82 on Wednesday before recovering later in the day.
Solana whales have been making modest movements, with two significant transactions involving a total of 2 million SOL observed on June 12 between two pairs of unknown wallets.
Looking at the month overall, Solana’s market price has increased by 2.86% according to TradingView data. The token has broken resistance levels at $145 and $150 over the past 30 days, with a current trading price above these levels.
The token’s moving average (21MA) is at $164.15, indicating a bearish trend as the current trading price is below the MA. The RSI stands at 41.92, suggesting approaching selling pressure in the market. However, the year-to-date price performance shows a surge of over 49.18%.
The TradingView daily chart predicts that if Solana bulls take control, the token will face resistance at $171.85. On the other hand, a bearish turn could see prices falling to find support at $143.41. Analysts at TheNewsCrypto predict a bullish price target of $342.89 for Solana in 2024.
