$SOL trading volume spike – Good news for SOL prices or… - AMBCrypto Analytics

A recent analysis of Solana’s trading activity on Santiment indicates a significant increase in volume over the last 24 hours. As of this writing, the SOL trading volume was over $3.2 billion.

Additionally, data from CoinMarketCap confirmed this upward trend, noting an 18% increase in volume during the same period.

However, despite the heightened trading activity, the price trend analysis suggests that the market is currently seller-dominated.

This implies that the increased volume largely stems from selling pressure, which could indicate traders taking profits or reacting to specific market conditions that have prompted a bearish sentiment. 

The recent analysis of Solana’s price on a daily timeframe indicates a potential trend reversal. Previously, SOL’s price had been on a steady upward trajectory, approaching the $186 price point it last reached in May.

However, a shift occurred on 29th July, with the price declining by over 1%, falling from nearly $185 to around $182. 

As of the latest data, it continued to face downward pressure, trading with a 1% decline and dropping to around $180.