Solana fails to surpass $160 – What is causing SOL’s struggle?

  • Wow, SOL is genuinely on the move!
  • Its price tag is dancing all in excess of the put in the past day.

Fascinating news – Solana [SOL] has experienced a rollercoaster journey amid the major cryptocurrencies, with the most important fall in the last 24 hours.

But hang restricted, simply because it’s also been climbing like a champ over the earlier week with the best surge out of the top 5 electronic belongings.

Could this imply SOL is gearing up for even greater heights and smashing by means of its present rate limitations? Let’s discover out!

Maintain on tight for Solana’s wild ride

The hottest stats from CoinMarketCap clearly show Solana getting a hit among the top rated 5 crypto gamers in the very last 24 several hours. It’s dipped by more than 6% but nevertheless holds its ground as the fifth-most significant player with a industry cap of all around $65.5 billion. 

Resource: CoinMarketCap

But wait, SOL is not providing up devoid of a struggle! It can be been soaring large, outshining other best property with around a 20% rise in the final week. Picture that!

If this upward momentum retains heading, we might witness SOL claiming the major location amid the leading 5 cryptos and smashing by way of its current resistance levels.

Solana’s obtained some moves underneath the normal

Soon after generating waves by climbing from all around $134 to over $150, Solana hit a bump on 7th May well. The daily chart took a dip by more than 3%, bringing the cost down to $148.

Solana price trend

Resource: TradingView

But you should not lose hope just nonetheless! As soon as Solana breaks by means of the $162 resistance stage, it could make a run for the $200 mark, like it did two times this 12 months. Currently buying and selling all around $146, it can be on a slight drop of considerably less than 1%.  

Retain an eye on the Relative Toughness Index (RSI) as it dips a bit underneath the neutral line, indicating a moderate bear craze.

SOL metrics present possible

Digging deeper into Solana’s Open Interest on Coinglass, we’ve found a slight uptick with Open up Desire hitting $1.86 billion. Resources appear to be flowing in, but to seriously shake items up in SOL’s value activity, we need to have a more substantial quantity increase. 

Keen to know Solana’s [SOL] Price tag Prediction 2024-25? Click in this article!

Seeking at volume traits on Santiment, we see a drop in exercise not too long ago. Buying and selling shut at in excess of $3 billion on 7th May possibly but tapered down to about $2.4 billion at present.

Solana volume trend

Supply: Santiment

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