[Solana volume drops from $12 billion as bears look to halt $300 rise]
Is there a chance Solana could be on the rise? Analyze below.
Solana's trading volume fell to $5.72 billion, according to Santiment data, indicating weaker market activity. Typically an increase in trading volume accompanied by an increase in price is a bullish sign, but currently Solana’s price is holding at $216 while trading volume is declining, indicating that bears are suppressing its upside. If this trend continues, Solana price could move lower.
Solana's active address count also declined, falling to 17.98 million from more than 20 million at the end of October, indicating waning user engagement. Fewer active addresses could impact pricing because it represents a decline in network adoption and usage.
Technical charts show that Solana price touched $222.49, but bears quickly pulled it back, making a price impact of $300 less likely. This is further confirmed by lower trading volumes. If selling pressure increases and bears take control of the market, Solana price could fall back to $190.30.
However, if trading volume picks up and accompanied by buying pressure, Solana may have a chance to break above $225 and move towards $300. Overall, the future trend of Solana will depend on changes in market transaction volume and user participation.