Solana's Stormy Transformation! Bullish Yet Surrounded by Sellers, Life and Death Depend on Trading Volume!
Since hitting an all-time high in December, SOL has seen a pullback, dropping 18.18% over the past month. However, in the past week, the price of SOL has risen by 7.09%, and in the last 24 hours, it has increased by 5.42%, indicating a slight recovery in market sentiment.
The trading volume on the Solana network has surged, with 66.9 million transactions executed in the past 24 hours. As SOL gradually recovers, this increase in trading volume has attracted widespread attention in the market. However, an increase in trading volume does not always indicate a bullish trend, as it depends on the market's buying and selling sentiment.
In the past 24 hours, SOL worth $6.15 million has been sold, while in the past 7 days, SOL worth $75.18 million has been sold.
Despite the increased buying activity, the rise in SOL's price remains fragile, especially when accompanied by a decline in trading volume, indicating that this may only be a temporary price rebound lacking sufficient market support.
Solana is currently at a critical support zone, forming a bullish triangle pattern on the chart. This support zone is between $188.89 and $173.24, an area typically associated with strong buying pressure.
However, despite the existence of the support zone, current market activity has not shown enough buying volume. If Solana breaks through this support zone, it may re-enter the previous consolidation phase.
