Solana’s future seems unpredictable but promising. Although there has been a slight decline in recent trends, the growth in trading volume is an indication of high interest in the market. There is a possibility that the coin would see a rebound in the event that bullish momentum continues. But long-term selling pressure may cause additional short-term losses.
Solana (SOL) is currently trading at $219, and its price has fallen by 2.21% in the last 24 hours. Trading volume of the coin has increased by 31.09% to $9.82 billion. SOL has experienced a decrease of 7.07% over the past week, indicating a short-term weakness. However, the increase in volume is a sign that there is still interest in the market.
Source: CoinMarketCap
A crypto analyst, Bullish Banter, highlighted that in recent days, Solana has experienced resistance at the level of about $260. Having reached that point, the coin started dragging back, which suggests that there might be a temporary reversal.
Analysts determined the range of support as between $213 and $203. If these levels fail, the next support could drop to between $185 and $156. The bouncing of these zones can result in a rebound to the level of $260, depending on the market conditions.
Source: X
Gemxbt, another analyst, mentioned the hourly chart of Solana and reported a bearish trend. The coin has also been experiencing lower highs and lows, showing that there is continued selling pressure. Solana is trading at a lower point compared to its 5, 10, and 20-period moving averages, which is further contributing to the bearish picture.
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However, the Relative Strength Index (RSI) is showing signs of recovery from oversold levels, indicating a potential reversal. The MACD suggests a potential bullish crossover, but a higher volume should provide support.
Source: X
According to the CoinGlass data, trading volume has increased by 6.09% to $26.06 billion. Nevertheless, the open interest has dropped by 1.84%, and it is at $14.89 billion. The SOL OI-Weighted Funding Rate stands at 0.0077%. The conflicting signals suggest that although interest in Solana is robust, the market sentiment has not yet stabilized.
Source: CoinGlass
The future performance of Solana is uncertain. The rebound of the coin will be determined by the ability of the key support levels to hold and the ability of the buying momentum to rise. Investors and traders should closely monitor the market to determine the future trajectory of Solana.
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