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There is still a headwind in the broader digital currency ecosystem, reflected in the key metrics of protocols like Solana (SOL). At the time of writing, Solana's price was changing hands for $205.3, up marginally by 0.44% in the past 24 hours. For Solana, the growth trend is not the catch, rather, breaching the psychologically important resistance level at $200 is.
Solana metrics dwindling
Solana’s growth trend mirrors the broader crypto market that has seen the combined market cap ink a mild uptick of 0.6%.
Vladislav SopovSolana joined the broader altcoin sell-off over the past week, as its price has decreased 12.69% over the past seven days. The outlook has not been better in the past month, where it has lost more than 4% of its market valuation.
Analysts consider the resilience to stay above the $200 price a decoy. However, it remains unknown how long this can last.
Essential metrics like the daily trading volume remain down. As of writing time, data from CoinMarketCap pegs the volume at $6.04 billion, down by more than 36%. This metric proves that sentiment on the market remains tempered, and traders are exercising caution amid broad-based volatility.
Solana may pull off a stunner
As a blockchain network, Solana is one of the most important parts of the growing meme coin revolution. Typically, the growth of these meme coins has placed a direct demand on SOL, fueling its recent rally to a new all-time high (ATH) of $294.33 over the past month.
Godfrey BenjaminNotably, Solana generally pulls off a solo growth streak to achieve this growth, decoupling from the price of Bitcoin (BTC). This has happened on at least two occasions, and according to social charters, the rise in celebrity tokens may push SOL above $300 in the near future.
While the Solana network has expanded by over $6 billion thus far this year, expectations for more remain high.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Gamza Khanzadaev
Alex Dovbnya
Dan Burgin
Vladislav Sopov