The Solana ecosystem has grown steadily over the past few months as the network has grown in popularity. In fact, thanks to this surge in interest, the number of transactions taking place on the Solana network has also increased significantly, surpassing all other networks.

Source: X

However, despite the aforementioned increase in activity, SOL price has decreased by 5.2% over the past 7 days. This shows that the correlation between the performance of the Solana ecosystem and the SOL price is fading.

This is also not the first time something like this has happened. For example, on April 11, the number of transactions on the Solana network skyrocketed but the price dropped 20%.

Source: Artemis

SOL price continued to move sideways for quite a while before reversing. After May 15, SOL price recorded a spike in momentum, surpassing previously established lower highs and lows. At the time of writing, SOL is trading at $165.11.

While the recent correction in SOL's price is not large enough to break the bearish trend, if the bearish pressure continues, it could cause SOL to slide towards $152.48.

At the time of writing, the RSI (Relative Strength Index) on SOL's 4-hour chart has dropped to 38.52, implying that the bullish momentum around SOL has weakened significantly. CMF (Chaikin Cash Flow) also fell to -0.04, a sign of low capital inflows.

SOL 4-hour price chart. Source: TradingView

Social mass is affected

One factor that could seriously affect the price of SOL in the future is its social media popularity. Santiment data shows that social volume around SOL has decreased significantly over the past few days, with a decline in the number of social media comments and responses, which could negatively impact price movements.

In contrast, SOL's weighted sentiment increased, implying that the conversations taking place around SOL are positive in nature.

If weighted sentiment remains positive while trading volume on the social network increases, SOL's price movement could turn positive.

Source: Santiment



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