Solana (SOL) price surged to a 30-day peak of $107 on Jan. 30 as rising defi volumes on the layer-1 network airdrop buoyed investor confidence.
Solana is trading at $98 at press time on Feb. 5, down 8% from the recent peak of $107 recorded just six days prior. But notably, a stark comparison between Solana’s price and the current trading volume trends suggests most SOLholders are positioned for an early rebound phase.
Solana price bucked market trends on Jan. 30, soaring 12.4% to a 30-day high of $107, while the rest of the crypto markets grappled with negative blowback from U.S. Federal Reserve Chief Jerome Powell statements hinting at postponing back rate cuts beyond March 2024.
The global crypto market capitalization dipped 2.5% shedding over $40 billion within 24 hours of Powell’s statements on Jan 31 as depicted in the chart below.
Meanwhile, increased demand across the defi ecosystem and positive speculations surrounding the upcoming Jupiter (JUP) airdrop had sent SOL prices into a rally.
However, since rejecting at $107 on Jan. 30, SOL price has now suffered an 8% pullback, exchanging hands at around $97 at press time on Feb. 5. But interestingly, key market data trends suggest majority of current SOL holders still maintain a bullish outlook amid the ongoing Solana price pullback.
