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Solana (SOL), popularly called the "Ethereum killer," is experiencing market volatility amid the ongoing bullish run for most assets. The volatility has forced it to shed some gains, a shocking trend considering its latest momentum.
Surprising dip: Temporary setback or trend change?
SOL’s price, which hit $224 in earlier trading, has recorded a mild retracement and has not found a support level. As of this writing, the SOL price was trading at $208.29, down 4% in 24 hours. However, its trading volume has increased by 23.14% to $12.05 billion, fueling optimism that the setback might not last long.
Tomiwabold OlajideSolana’s impressive price performance in the past month has attracted investors. The asset rose by 41.39% in the last 30 days, triggering expectations that it might continue on its bullish path. Investors anticipated SOL would profit more from the bullish wind sweeping the cryptocurrency ecosystem.
Interestingly, after falling below the $216 support level, it went on a free fall until it reached $210 before witnessing a rebound. SOL appears to have lost steam for a further upward climb, as the asset continues to experience wild fluctuations.
This has sparked speculation among market trend observers on the asset’s future price. Some suggest that Solana appears to be cooling off, given that its trading volume has not dropped. They predict SOL might pull off a surprise by rebounding to new heights in this bullish cycle.
What next for Solana?
As reported by U.Today, Solana's recent performance and breaching of the $200 level remained crucial to its resurgence. Analysts had anticipated that with that resistance breach, SOL would soar to test its prior all-time-high figure in the $250 to $265 range.
Gamza KhanzadaevAt the moment, it seems unlikely to happen in this current cycle. However, some analysts believe that given the market's unpredictability, Solana could pull off another surprise. The coming days will prove whether Solana has any momentum left to stay in the $100 billion elite club of assets by market capitalization.
Alex Dovbnya
Arman Shirinyan
Dan Burgin