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- Solana’s price rose 1.73% in 24 hours, but trading volume dropped by 24.81%, indicating weak activity.
- A 15.16% drop in price over the last week points to a bearish market sentiment despite recent gains.
- A 16% recovery is possible if buying pressure increases in the $150 and $160 support range.
Solana (SOL) is currently trading at $161 and has increased by 1.73% over the last 24 hours. Trading volume has dropped 24.81% to $3.68 billion. Volumes reflect less trading activity, even as the prices increase.
Source: CoinMarketCap
In the last week, the price of Solana has decreased by 15.16%. This downturn indicates that the mood of the market is bearish. Even though the price has grown in the past 24 hours, the trend is negative. The market is under pressure as SOL is still in a downward trend.
SOL Faces Critical Test at $150-$160
BitGuru, a crypto analyst, highlighted that Solana (SOL) has declined aggressively in the range of $206+ and is currently trading within the range of $150 and $160. The price range has been a solid support in the past, which has caused bullish responses in this price range.
According to analysts, if buying pressure intensifies in this region, there would be a rebound of more than 16%. It will depend on whether SOL can maintain this support and generate additional demand in the short term.
Source: X
Also Read: Solana Hits $164: Will It Break Down to $148?
Solana’s RSI at 57.55, MACD Indicates Downward Pressure
The Relative Strength Index (RSI) is at 57.55. This figure indicates that the asset is neither oversold nor overbought. Market sentiment remains neutral, and the price action is keen, although it is not yet quite overbought. As long as the price increases, traders should monitor the RSI in the event of an overbought situation.
The Moving Average Convergence Divergence (MACD) of Solana indicates a negative momentum. The MACD line has the value of -4.17, and the signal line has the value of 0.76. This shows that the market movement is still bearish.
Source: TradingView
Trading Activity Weakens, Open Interest Rises
According to CoinGlass data, the trading volume has declined by 34.45% to reach $12.88 billion. Despite the slump, the Open Interest has gained 1.85% to $9.12 billion. This implies that an increasing number of positions are being created, but general trading has weakened.
The SOL OI-Weighted Funding Rate stands at -0.0057%. Such a negative rate indicates a bearish mood in the market. It indicates that traders are still cautious and are anticipating a decline in prices in the short term.
Source: CoinGlass
Solana exhibits a temporary recovery, as well as long-term problems. The market is still unclear with conflicting indicators. Traders are advised to monitor further price dynamics of volume, RSI and MACD to understand the next possible move in SOL.
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