Solana, one of the leading cryptocurrencies, has experienced a slight downturn in the past 24 hours, deviating from its recent upward trend. Within this timeframe, SOL has decreased by 3% and trading volume has decreased by 11%.
Over the past seven days, SOL has surged by an impressive 6.67%, demonstrating its ability to withstand market fluctuations and maintain upward momentum. However, the performance over the past month tells a different story, as Solana has seen a downturn of 19%, highlighting the inherent volatility of the cryptocurrency market.
The recent dip in SOL’s price on May 7th temporarily halted its consecutive upward movement, with a decline of over 3%. This caused SOL’s price to hover around $148, slightly below its previous resistance level. If this resistance level is breached, it could potentially lead to a retest of the $200 price zone.
Currently, SOL is trading around $146, showing a marginal decline of less than 1%. The Relative Strength Index (RSI) indicates a weak bear trend, and trading volume has decreased from over $3 billion to approximately $2.4 billion at press time, according to data from Santiment.
Analysts suggest that for SOL to regain its bullish momentum, key metrics such as trading volume and RSI indicators must show higher figures, indicating renewed interest from investors and increased market participation.
Investors are closely monitoring Solana’s performance for potential buying opportunities in the broader market dynamics.
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