Solana trading volume saw a 27% spike in the past 24H.
Potential bullish breakout could push Solana towards $162 or beyond.
Solana (SOL) experienced a 3.29% drop in the last 24 hours, trading at $143.12 after reaching a six-day high of $153 just yesterday. Despite this price drop, its trading volume surged by 28% within the same period. Over the past week, SOL has fallen by 9%, reflecting the broader market downturn. The global crypto market cap also saw a 2% dip, though trading volumes jumped 45%.
Bitcoin and Ethereum followed a similar path, dropping by 3% and 8%, respectively, over the last seven days. Yet, amidst these declines, recent data from The Block revealed that Solana accounted for over 87% of all new tokens created in 2024. Solana launched 108,290 tokens from Sept. 24-30, out of a total of 129,080 across various chains. Much of this growth is attributed to the booming memecoin market, supported by simplified token creation platforms like pump(.)fun.
Moreover, Anatoly Yakovenko, Solanaâs co-founder, acknowledged the evolving memecoin landscape, noting that memecoins have absorbed the energy of previous cycles like DeFi summer. This surge, he suggested, forces products to rely purely on value, which could benefit the industry.
SOL Set For a Bullish Breakout?
Despite the recent setbacks, analysts see potential for a bullish trend reversal. Crypto analysts point out that SOL is currently in a consolidation phase, hinting at a bullish pennant pattern. If a breakout occurs, the token could rise towards $162 or even $187. However, technical indicators like the MACD and RSI show a bearish trend, suggesting that SOL could first dip to $127 before a potential recovery.
SOL Price Chart, Source: Sanbase
The daily RSI is at 53, indicating that it is in a neutral situation.With the fear and greed index sitting at 54%, the market remains in a neutral state, leaving Solanaâs price action poised for movement in either direction.
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