- Solana’s (SOL) price recorded a minimal increase in the past 24 hours with a spike in daily trading volume.
- Traders’ attention over SOL rose as the Solana-based celebrity memecoin frenzy revived in recent days.
Bitcoin and Ethereum have shown brief upsurges in price, fueled by the US CPI data release. Other altcoins have begun to show recovery after the past week’s price dip. Solana (SOL), has shown a daily increase in its price after its recent weekly dip.
Notably, the token’s market price increased by 0.35% in the past 24 hours. At the time of writing, SOL is trading at $152.10 with an increase of 11.01% in daily trading volume according to CMC data. Additionally, the token has shown increased market price volatility in the past week.
However, Solana’s market price is exhibiting struggles to break resistance at the $155 level over the past month. In the past week, the crypto asset’s price experienced a dip as the weekly decline stands at 11.82%. On Wednesday, it witnessed a brief bearish trend reaching a weekly low of $145.82. The bearish trend was taken over by a price recovery in the latter half of Wednesday.
Furthermore, Solana whales have shown modest movements in the past few days. On June 12, two significant whale movements were observed. It involved transactions of a total of 2 million SOL approximately between two pairs of different unknown wallets.
Is Solana Heading Toward a Price Recovery?
Zooming out over the month, Solana’s market price has increased by 2.86%, according to TradingView data. In the duration of the past 30 days, the token has broken resistance levels at $145 and $150 reaching its current trading price. During the middle of May, SOL’s market price stood around the range of $141.
The token’s moving average (21MA) stands at $164.15. With its current trading price ranking below the MA, the chart indicates SOL’s price to be bearish. Additionally, the token’s RSI stands at 41.92 highlighting an approaching selling pressure within the market. However, the year-to-date (YTD) price performance shows a surge of over 49.18%.
Moreover, the TradingView daily chart indicates that if the Solana bulls take over, the native token will face resistance at $171.85. On the other hand, if it incurs a bearish turn, prices might slide down to find support at $143.41. According to TheNewsCrypto analysts’ prediction, Solana’s bullish price will hit $342.89 in 2024.
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