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Solana (SOL) is in the spotlight after the most brutal sell-off in the past year. After falling below the $100 price mark over the past week, the market is recovering, marked by the uptick in SOL volume. As of press time, the Solana trading volume has jumped by 303% in the past 24 hours to $6,566,348,328.39.
Solana rebound imminent?
As of press time, Solana sentiment is now fueled by trading volume, with the SOL price sell-off slowing down. Solana's price changed hands for $101.21, down by 14.77% in the past 24 hours.
Godfrey BenjaminThe coin dropped below $96.58 after soaring as high as $119.08 over the past 24 hours. Notably, the coin has waded through sustained bearish sentiment in the trailing seven-day period. However, the trading volume outlook signals a sustained bullish sentiment that may translate to a price upshoot.
The outlook of Solana is shaping up as of press time, as its meme coin ecosystem is returning to the limelight. This comes as the ecosystem’s biggest meme launcher, Pump.Fun, reintroduced its Livestream feature after a five-month pause.
Should the meme coin hype return, it might help reset a growth trend for the protocol.
Focus on major SOL utility
Beyond the major Solana price sell-off, the protocol has also lost its DEX ranking to Ethereum. This trend might be discouraging to investors; however, focusing on the coin's more positive trend is poised to shift its outlook.
Alex DovbnyaThe Solana ETF push in the United States marks a major tailwind to watch in the long term. While the odds of approval are not as high as those for Litecoin and Dogecoin ETF products, the potential emergence of SOL funds will drive institutional investors into the ecosystem.
According to market experts, while the price of Solana may be below expectations at the moment, the chances of a recovery and breakout are high.
Vladislav Sopov
Dan Burgin