Solana’s trading volume has seen an 11% decline in the past 24 hours, interrupting its recent streak of success. This slight downturn is reflected in a 3% decrease in SOL’s price during this timeframe. However, over the course of the last seven days, SOL has managed to surge by an impressive 6.67%, demonstrating its ability to withstand market fluctuations and maintain an upward momentum. On the other hand, the past month has been less favorable for Solana, as it experienced a 19% downturn, highlighting the inherent volatility of the cryptocurrency market.
The recent dip in SOL’s price trajectory, observed on May 7th, temporarily halted its consecutive uptrends, 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.
As of now, SOL is trading at around $146, experiencing a marginal decline of less than 1%. The Relative Strength Index (RSI) indicates a weak bear trend, with SOL’s trading volume dropping from over $3 billion to approximately $2.4 billion at the time of writing, according to data from Santiment. Analysts believe that in order for SOL to regain its bullish momentum, key metrics such as trading volume and RSI indicators need to show higher figures, indicating renewed investor interest and market participation.
Investors are closely monitoring Solana’s performance for potential buying opportunities within the broader market dynamics. It remains to be seen whether SOL can rally and regain its previous success. In other news, Donald Trump is seeking support from crypto enthusiasts for his presidential campaign.