Solana
Solana struggles to get above $160 – What’s going on with SOL?
- SOL showed the largest seven-day increase.
- Its price has lost momentum over the past 24 hours.
Recent analysis indicates that Solana [SOL] saw the biggest decline among the top five cryptocurrencies over the past 24 hours.
Despite this setback, the data also revealed that it recorded the highest uptrend among the top five assets over the past seven days.
Are there any metrics to suggest that Solana could maintain this bullish momentum and break out past its current price resistance?
Solana sees mixed pricing trends
According to data from CoinMarketCap, Solana has seen the largest decline among the top five crypto assets over the past 24 hours, as of press time.
During this period, SOL fell more than 6%. Despite this decline, its market capitalization was around $65.5 billion, positioning it as the fifth largest crypto asset in terms of market capitalization.
Source: CoinMarketCap
However, SOL remains poised to become the best performing asset in terms of price gains over the past seven days.
The chart revealed a remarkable uptrend of over 20% during this period, outpacing other major assets.
Let’s assume Solana can maintain this positive price trajectory. In this case, it could emerge as the biggest winner among the top five and potentially overcome its immediate resistance levels.
Solana is moving below the moving average
After a series of consecutive uptrends that propelled the Solana price from around $134 to over $150, a drop occurred on May 7.
Examination of the daily chart revealed a decline of over 3%. This dropped the price to around $148.
This drop interrupted the series of increases that had brought it close to breaking through its resistance level at press time.
Source: TradingView
AMBCrypto analysis indicated that its short moving average (yellow line) acted as resistance around the $162 price area.
If Solana breaks above this level, it could potentially retest the $200 price zone, as it has done twice this year. At press time, it was trading at around $146, reflecting a decline of less than 1%.
Additionally, it was experiencing a weak downtrend at press time, with the Relative Strength Index (RSI) dipping slightly below the neutral line.
SOL metrics are not powerful enough
AMBCrypto’s point of view by Solana Open interest on Change machine recently indicated an uptick, with open interest reaching $1.86 billion at the time of writing.
This suggests a slight increase in funds entering Solana over the past 24 hours. However, for any significant impact on SOL price, larger volume would be required.
Read by Solana [SOL] Price prediction 2024-25
Furthermore, its volume on Santiment reveals a decline in activity recently. While volume stood at more than $3 billion at the close of trading on May 7, it had fallen to around $2.4 billion at press time.
These metrics should show higher numbers to see a potential upward trend in SOL price.
Source: Santiment