Solana skyrockets 84% in volume
In the midst of its recent price downturns, Solana (SOL) has experienced a significant uptick in a crucial indicator. Despite the bearish trend in its price, SOL's trading volume has impressively surged by 84.46%, reaching $8.19 billion today, according to CoinGlass. This notable increase demonstrates the crypto trading community's optimism, despite Solana's subpar price performance of late.
An analysis reveals that Binance accounts for $2.98 billion of this extraordinary trading volume, followed by Bybit with $1.60 billion, OKX with $1.39 billion, and Bitget contributing $916.58 million, among others. This data is pivotal as it indicates Solana's ability to draw the attention of traders across various platforms, marking a positive development.
Moreover, this escalation in trading activities underscores the resilience among Solana traders. They continue to hold a positive outlook on SOL's future, in spite of the bearish pressures enveloping the wider cryptocurrency market. Although several factors are considered in predicting a coin’s potential for a price surge, the prevailing trader optimism is undeniable.
Currently, SOL is trading at $143.51, witnessing a 3.94% drop in the past 24 hours. Additionally, the coin has seen a 12.89% decrease over the past month, revealing persistent challenges faced by Solana lately. This downward trend is also prevalent in the broader cryptocurrency market, primarily driven by Bitcoin (BTC).
Nonetheless, there are emerging indicators suggesting a potential recovery for SOL from its current valuation. Apart from the surge in trading volume, Solana is showing favorable signs from certain technical indicators. Notably, the price of SOL is now trading above its 200-day SMA and EMA.
Such indicators are crucial as they suggest that Solana's current price still holds strong in a long-term perspective. It also implies that the recent price decline has not significantly affected the overall bullish sentiment for the coin. Consequently, it suggests that a rebound for SOL from its current price points could be on the horizon.
