Solana’s (SOL) price saw a slight uptick in the last 24 hours, accompanied by an increase in daily trading volume.
Trader interest in SOL surged as the frenzy around Solana-based celebrity memecoins made a comeback in recent days. Bitcoin and Ethereum also experienced brief price increases following the release of US CPI data, while other altcoins started to rebound from a dip in prices the previous week. SOL, in particular, showed a daily price increase after a recent decline.
The token’s market price rose by 0.35% in the past day, reaching $152.10 at the time of writing, with a daily trading volume increase of 11.01% according to CMC data. Market price volatility for SOL has also been on the rise over the past week.
However, SOL has been struggling to break through resistance at the $155 level for the past month. Last week, the price of the crypto asset dropped by 11.82%, hitting a low of $145.82 on Wednesday before recovering later in the day.
Recent movements by Solana whales have been relatively modest, with two major transactions involving approximately 2 million SOL observed on June 12 between two pairs of unknown wallets.
Looking at SOL’s price performance over the month, it has increased by 2.86% according to TradingView data. The token managed to surpass resistance levels at $145 and $150 to reach its current trading price, having been around $141 in mid-May.
The token’s 21-day moving average stands at $164.15, indicating a bearish trend as the current trading price is below the MA. The RSI for SOL is at 41.92, suggesting potential selling pressure in the market. Despite this, the year-to-date price performance shows a strong increase of over 49.18%.
On the TradingView daily chart, it is predicted that if Solana bulls take control, the token will face resistance at $171.85. Conversely, a bearish turn could see prices drop to find support at $143.41. Analysts at TheNewsCrypto predict a bullish price target of $342.89 for Solana in 2024.
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