SOL experienced a significant crash at the end of 2022, but Solana’s market value rose above 80 billion dollars in June. Despite recent price drops, the overall trend remains positive.
At the end of 2022, SOL experienced a significant crash and hit rock bottom at the start of 2023. However, throughout the rest of the year, SOL made a historic comeback, dominating the market along with its meme coins. Let’s take a look at what’s currently happening with SOL.
Solana’s Market Value: A Rollercoaster Ride
As of June 5th, Solana’s market value was around 79 billion dollars. This increase coincided with a rise in SOL’s price, pushing the market value above 80 billion dollars. This was the first time in weeks that the value had surpassed the 80 billion dollar mark, a level last seen in May.
However, the market value began to decline shortly after reaching this peak. Following the drop, the value fell below 80 billion dollars once again and is currently at 78.2 billion dollars. This decline in market value mirrors the drop in SOL’s price over the past 24 hours.
Daily Analysis of Solana: Price Trends and Market Value
Recent consecutive increases in Solana’s price are noticeable. Between June 3-5, the price rose from approximately 164 dollars to nearly 173 dollars. On June 5th, SOL saw a rise of just over 1%, reaching 173.5 dollars.
However, as of the time of writing, Solana’s price has dropped to around 170.5 dollars after a decline of over 1%. Despite this relatively minor decline, it caused the market value to lose nearly 2 billion dollars. Nevertheless, the overall trend remains positive.
The price trend remains above the short moving average (yellow line), indicating support at the 160 and 154 dollar levels. This suggests a strong foundation for further price increases.
Additionally, an analysis of Solana’s Relative Strength Index (RSI) suggests potential bullish activity. As of the time of writing, the RSI value remains above 60, which is considered a reflection of the upward trend.
Solana’s Trading Volume: Trends and Implications
Analyzing Solana’s trading volume shows an increase alongside the price on June 5th. The chart indicated that yesterday’s trading volume surpassed 2.6 billion dollars, marking an increase despite the decline at the beginning of the month.
However, as of the time of writing, the 24-hour trading volume has dropped to 1.9 billion dollars after a decline of over 1%. Given this nearly neutral trading volume, it remains unclear whether buyers or sellers are currently in control.
⚠️Disclaimer
This content aims to enrich readers with information. Always conduct independent research and use discretionary funds before investing. All buying, selling, and crypto asset investment activities are the responsibility of the reader.