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Will This Derail Solana’s Bullish Outlook?
Solana (SOL) has been experiencing a significant price surge in recent times, with the asset gaining 5.42% in the last 24 hours and 7.09% over the past week. However, the rally appears fragile due to a drop in trading volume by 25%. This raises concerns about the sustainability of the trend.
The current transaction count on Solana’s network has increased significantly, with a staggering 66.9 million transactions executed in the last 24 hours. While this could be interpreted as a sign of growing market activity and interest in SOL, the data from Coinglass suggests that buying pressure is dominating selling activity. This is indicated by a negative netflow on both daily and weekly timeframes.
On-chain data further emphasizes the potential for a more extended rally. Solana has entered a key support zone, ranging between $188.89 and $173.24, which could act as a catalyst for either a deeper pullback or a significant upside. A breach of this support level may trigger a re-entry into consolidation mode, potentially pushing SOL back to its previous all-time high.
It is essential for SOL holders to monitor the asset’s price action closely in order to gauge the likelihood of a continued bullish trend.
Source: ambcrypto.com
