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Can Solana Bounce Back from Recent Declines And Hit $200?

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Can Solana Bounce Back from Recent Declines And Hit $200?

  • Solana trading volume is down 11% in the past 24H
  • Downturn interrupts streak; potential retest of $200 resistance.

Solana (SOL), one of the leading cryptocurrencies, has encountered a modest downturn in the past 24 hours, signaling a slight deviation from its recent upward trajectory. As of the latest data, SOL is down by 3% within this timeframe, accompanied by an 11% decrease in trading volume. 

Last seven days, SOL has surged by a noteworthy 6.67%, reflecting its capacity to weather market fluctuations and sustain an upward momentum. The month-long performance paints a contrasting picture, with Solana witnessing a downturn of 19%, indicative of the volatility inherent in the cryptocurrency landscape.

The recent dip in SOL’s price trajectory, observed on the 7th of May, marked a temporary halt to its consecutive uptrends, characterized by a decline exceeding 3%. This resulted in SOL’s price hovering around $148, albeit slightly below its previous resistance level, which, if breached, could pave the way for a potential retest of the $200 price zone.

SOL Price Chart, Source :TradingView

Will Solana Bulls Pull Rally?

At present, SOL is trading around $146, reflecting a marginal decline of less than 1%. Additionally, the Relative Strength Index (RSI) indicates a weak bear trend, with SOL’s trading volume experiencing a decline from over $3 billion to approximately $2.4 billion at press time, as per data from Santiment.

Analysts suggest that for SOL to regain its bullish momentum, key metrics such as trading volume and RSI indicators would need to exhibit higher figures, signaling renewed investor interest and market participation.

Finally, the performance of Solana remains under scrutiny, with investors closely monitoring its trajectory for potential buying opportunities amidst the broader market dynamics.

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