Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not responsible for any financial losses incurred while trading cryptocurrencies. Do your own research by contacting financial experts before making any investment decisions. We believe all content to be accurate as of the date of publication, but some offers mentioned may no longer be available.
Solana (SOL), also nicknamed the “Ethereum killer,” appears to be approaching the maximum in the ongoing bull cycle. Over the past seven days, the sixth-largest asset by market cap, worth about $95.25 billion, has struggled to stay above the $200 support level.
Solana's struggle for price stability
Analysts suggest that the coin may have run its course in the ongoing bull market cycle. Data From CoinMarketCap indicates a significant decline in market volume of 18.96% to $3.32 billion. This low volume may indicate a loss of investor confidence and may ultimately impact SOL's quest to retest new price levels.
Related to
Solana appears trapped in a downward spiral as bearish forces seek to prevent him from rising. Every drop in prices over the past 30 days has increased their instability and the chances of a rebound to previous levels. Instead, SOL found a place at a support level lower than previous highs.
Market observers stress that with low trading volume, the possibility of Solana correcting may be difficult. Instead, a shift in trading volume is crucial for the price to break through the $200 resistance level.
Despite achieving a new all-time high (ATH) in... Daily transactions With 72.8 million, this did not help boost the price scale. Although daily transactions rose by 97.8%, they were not accompanied by a similar rise in active addresses. This limited SOL price growth.
That is, optimism?
Some market analysts have attributed Solana's inability to rediscover new price highs to the shift in... Investors' interest. Market dynamics indicate that traders are looking for the next profit-making opportunity to invest in and make gains while the bull cycle continues.
Related to
This development has increased SOL's selling pressure. Although Henrik Zeberg, a cryptocurrency analyst, remains confident in SOL, the indicators have not turned in favor of his optimism. Zeberg believes Solana is still in the consolidation phase and could score an A.J Go almost.
The last few trading days will determine whether or not Solana still has the momentum to move higher.
Source link