SOL has gathered about $24 million, marking its greatest influx since March 2022.
If bulls could drive the price past $23.9 resistance area, then a fresh rally is on the cards.
Solana’s inflows spiked dramatically last week, putting it above all other altcoins and even Bitcoin. According to a new report from Coinshares, Solana has been receiving a lot of attention due to its recent achievements. The cryptocurrency has gathered about $24 million, marking its greatest influx since March 2022. The fact that the coin’s value has increased by more than 120% this year also bodes well for the future of SOL.
Analysis of the current price of Solana shows that bears continue to exert pressure. The coin’s value has fallen from its recent high of $24.09 to around $21.95. However, the SOL has made some progress and is now trading at $22.25.
Bears Dominance
Long-term prospects are still unclear, but short-term predictions favor the bears. A succession of lower highs and lower lows on the chart represents the current negative trend and the bears’ dominance of the market.
According to Solana price analysis, the SOL may bounce back from its present level and enter a recovery period. On the daily chart, though, SOL has seen significant volatility. Gaining additional buyers is essential for making progress in the direction of an upward rebound.
Source: CoinMarketCap
At the time of writing, SOL is trading at $22.25, down 0.11% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 20.40%. If bulls could drive the price past the $23.9 resistance area, then a fresh rally is on the cards. The price will then likely test $27.5 level.
On the other hand, if the price manages to go below $21.6 then it will likely test $20.4 support level. Further decline will likely result in price testing $18.9 support area.
