Solana’s trading volume is up 64% in the past 24 hours.
Analysts Predict Bullish Potential, Eye $250 Target.
In mid-May, Solana [SOL] hit a one-month and two-week high of $188.8, but it has since experienced volatility. In the last week of May, bearish sentiments dominated the market. Currently, SOL declining by 1%. Despite this dip, trading volume surged by 64%, suggesting heightened market activity. Over the past week, SOL is down 1.68%, but it boasts a 20% increase over the month, reflecting its overall resilience.
Solana has been the cryptocurrency market’s best performer over the past year, driven largely by its vibrant memecoin ecosystem. However, there’s been a noticeable decline in social volume. Despite celebrities like Caitlyn Jenner launching memecoins on the Solana blockchain, these ventures have not significantly impacted SOL’s price.
Moreover, the derivatives market for SOL shows a blend of increasing interest and declining trading volumes, indicating a cautious yet engaged trading environment. And the Total Value Locked (TVL) in Solana stands at $4.807 billion, according to DeFi Llama.
Solana Traders To Remain Composed?
Analysts highlight a strong uptrend in Solana’s performance, suggesting a potential bullish phase. If the momentum continues, breaking the $170 resistance level seems likely, potentially pushing SOL’s value towards or even beyond $200, with a target of $250 in the near future.
SOL Price Chart, Source: TradingView
Conversely, if market sentiment shifts negatively, SOL might find support at $160. A further downward trend could see prices drop to $155, signaling a bearish market phase.
Technically, the daily chart indicates a bearish trend for SOL, with the 9-day Exponential Moving Average (EMA) positioned at $166.33. The Relative Strength Index (RSI) is at 51, suggesting a neutral market stance.
