- At the time of writing, SOL is trading at $66.09, down 6.42% in the last 24 hours.
- If the price manages to go above $68.9 level, then it will likely test $72.4 resistance level.
Solana and Bitcoin NFT collections have advanced this week, with Solana’s ecosystem coming in third after Ethereum. The Bitcoin network surpassed Ethereum in 24-hour sales volume on December 12th, according to statistics from the NFT data portal CryptoSlam. According to the numbers, the Solana network also has the third-highest 24-hour sales volume, at around $6 million.
Santiment, a crypto analytics company, has identified the recent influx of popular stablecoin USDT into cryptocurrency exchanges as a possible optimistic indication. As a result of trader apprehension, the company reports that Bitcoin (BTC) has been making a “mildly” comeback on exchanges this month.
The USDT exchange inflows, according to Santiment, have also mitigated the BTC sell-off. Compared to six months earlier, the amount of Tether-issued stablecoin available on exchanges is currently roughly 7% higher.
Bears Striving Hard
The crypto market has witnessed a sudden change of winds with bears striving hard to overcome bulls. Most of the cryptocurrencies have been trading in red including Solana.
At the time of writing, SOL is trading at $66.09, down 6.42% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 16.85%. The price climbed all the way till the $77 level on December 9. However, it faced severe selling pressure and bears pushed the price around the $65 mark.
If the price manages to go above $68.9 level, then it will likely test $72.4 resistance level. On the other hand, if the price manages to go below $65 level, then it will likely test $62.6 support level.
