Solana has slightly corrected downwards as well as the entire market, but there are signs of an upward trend.
Over the past day, SOL has lost 3% of its value. It was 72%, and now it is $131.71.
Solana recorded an 11. 13% week loss in sync with other cryptocurrencies such as Bitcoin and Ethereum as markets pull back.
Despite a 26. 85% decline this month, Solana has provided an incredible 691. 41% return this year, which makes its performance even better in comparison to many well-known cryptocurrencies.
The trading volume of the coin fell by 1% in the last 24 hours. 50% to $2. 13B indicating a slight change in trader activity.
Solana Price Nears Key Support: Expecting a Comeback?
The Solana price seems to be ready to reverse as it finds a critical support zone.
Solana was able to close above the $129. It can be seen that the downward momentum has weakened at the 75 support level, and there is a chance of stabilization.
A clean breakout to the upside in Solana could suggest that sellers are losing control and setting the stage for an upward move.
The increase of Solana’s RSI from the level of 20 to 40 indicates an increase in the buying pressure and the possible reversal of the trend.
Since BONK’s 30-day and 200-day moving averages are declining, it is evident that the asset has more bearish sentiment in both short-term and long-term outlooks.
This current stability may not be enough to support the reversal of a broader downtrend, meaning further pullbacks are possible.
This is in the overall market sentiment after the US Federal Reserve’s inflation rate direction, which has left traders in a state of confusion due to the weak macroeconomic indicators.
In terms of market movements, Coinshares Advisor Meltem Demirors implies a “sideways summer,” while other gurus believe that the consolidation phase is preparing for an altcoin season.
