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Solana (SOL) has witnessed a massive surge in a major metric amid its recent price struggles. While the SOL price has remained bearish, its trading volume has skyrocketed 84.46% to $8.19 billion today, per CoinGlass. This huge surge shows that crypto traders are optimistic even though the SOL price has not performed very well recently.
If we break it down, $2.98 billion of the total trading volume comes from crypto exchange Binance, $1.60 billion from Bybit, $1.39 billion from OKX and $916.58 million from Bitget, amont others. This crucial data shows that Solana is attracting traders’ interest from multiple platforms, which is considered a positive sign.
Additionally, the rise in trading activity tells us about the resilience of Solana traders. They have remained positive about the prospects of SOL despite the fact that bearish sentiment looms over the broader crypto market. While multiple factors come into play when assessing a coin’s potential price rally, the optimism among traders cannot be ruled out completely.
Solana's price struggle continues
As of press time, SOL is trading at $143.51, down 3.94% in the last 24 hours. Moreover, the coin has slumped 12.89% over the last month, showing troubling signs for Solana in recent times. This bearish trend is also witnessed on the broader crypto market, mainly led by Bitcoin (BTC).
However, recent indicators are signaling that SOL may rebound from the current levels. Along with this surge in its trading volume, Solana is also witnessing positive signals from certain technical indicators. For instance, the SOL price is currently trading above its 200-day SMA and EMA.
This is an important indicator as it shows us that the current price of Solana is still in the highs, considering the long-term outlook. Moreover, it indicates that the recent price slump has not really impacted the broader bullish outlook for the coin. Eventually, it can be anticipated that SOL may rebound from current price levels.
Alex Dovbnya
Vladislav Sopov
Dan Burgin