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Solana Misses Out on $200, Dominates DEX Trading Volume for 3rd Time
The altcoin market has been volatile over the past few days, with Solana (SOL) failing to break above the $200 mark. In fact, it has dropped nearly 5% in the last 24 hours and is now trading at $188.77. This comes as a significant blow to SOL holders who were hoping for a rebound.
As a result of this price action, Solana’s market capitalization has taken a hit, currently standing at $90.53 billion. The cryptocurrency’s RSI (Relative Strength Index) reading of 38.64 indicates that the bears have taken control, and it may not be surprising to see prices drop further in the near term.
The broader market is also under pressure as Bitcoin failed to hold above the crucial $99,000 level. This has led to a correction across the board, with many altcoins experiencing significant losses.
Despite this bearish trend, Solana continues to dominate decentralized exchange (DEX) trading volume for the third time in recent weeks. This suggests that investors are still interested in the cryptocurrency’s potential despite its current price action.
In conclusion, Solana’s failure to break above $200 and subsequent drop may be a sign of further losses ahead. However, it remains to be seen whether this will have an impact on the DEX trading volume going forward.
Disclaimer: The information presented in this article is for informational and educational purposes only.
Source: coinedition.com
