Solana (SOL): what's ahead?


Solana (SOL) has experienced some recent positive price movements, and although the increases were slight, they impacted its market capitalization.

There has been a slight dip recently, but if the momentum picks up again, it could establish a new market cap range.

AMBCrypto’s daily analysis of Solana revealed recent consecutive uptrends. Between 3rd and 5th of June, the price increased from around $164 to approximately $173.

At the end of trading on 5th June, SOL saw an increase of a little over 1%, trading at around $173.5.

As of this writing, the price of Solana has fallen to around $172 after a decline of less than 1%. This seemingly minor drop resulted in nearly $1 billion being wiped off its market cap.

Despite the price decline, the overall trend remains positive. 

Analysis of the chart showed that the trend was still above the short moving average (yellow line), which served as immediate support at around the $160 and $154 price levels.

Additionally, an analysis of Solana’s Relative Strength Index (RSI) indicates that it remains in a bull trend. As of this writing, the RSI is above 60, suggesting a continued bullish outlook.

This current level also implies that SOL still has the potential for further increases.

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