news 
Will This Derail SOL’s Bullish Outlook?
Solana’s recent price action has been a subject of interest among market observers. Despite the asset’s 5.42% surge in the last 24 hours, concerns have risen regarding its sustainability. A closer examination of the charts reveals that the current rally may be fragile and lacks sufficient momentum to sustain itself.
Transaction counts have increased recently, which could potentially signal bullish sentiment. However, sellers seem to dominate market activity, as highlighted by Solana’s Exchange Netflow. The data suggests that buying pressure has outpaced selling pressure in both the daily and weekly timeframes. Nevertheless, the recent price surge appears fragile, with trading volume declining by 25% over the past 24 hours.
Ordinarily, a drop in volume accompanying a price increase would indicate a temporary rally without substantial market support. The asset’s prospects for further growth are now heavily dependent on the ability to generate sufficient buying pressure to validate its current uptrend.
If Solana is unable to find renewed momentum and trading volume increases do not accompany the price movement, it may re-enter its recent consolidation phase or even experience a deeper pullback.
Source: ambcrypto.com
