Solana (SOL) price has shown a decline in value over the past month.
The token’s trading volume has also exhibited a decline of 13% in the past 24 hours.
The Solana Ecosystem has witnessed staggering interest from the crypto community, evident from its surge in activity. This was instigated by an influx of celebrity-led memecoins. But the altcoin, SOL, failed to pick up the momentum from the frenzy.
The token, in the past 24 hours, has shown a brief uptick of 0.20%. During the intra-day trading, SOL marked its 24-hour-low of $131.99, according to CMC data. At the time of writing, it traded at $137.53.
Meanwhile, the L2 altcoin’s daily trading volume exhibited a decrease of 13%. Since the past weeks, the SOL price has struggled to break the resistance level at $140K.
Where is Solana Price Headed?
Solana, in the past week, has shown a price decline of 6.84% sliding from a weekly high of $161.51 to the aforementioned weekly low. Over the month, the price has plummeted by 18.15%. However, in the same month, SOL inched closer to $200 raising expectations for surpassing the mark.
SOL/USDT Daily Price Chart (Source: TradingView )
According to TradingView data, the daily RSI of Solana stands at 36.81, indicating that the altcoin is leaning toward a slight sell zone. Additionally, the short-term 9-day MA also stands above the current trading price highlighting the bearish trend. SOL has failed to surpass the $140 level depicting the struggles to break resistance levels.
However, analysts have predicted that Solana will price rise in the current surge in memecoin activity. TheNewsCrypto analysts have predicted a bullish price of $342 for SOL by the end of 2024.
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