Solana
Solana’s Market Cap Briefly Hits $80 Billion – What’s Next for SOL?
- Solana’s market capitalization has increased to the $80 billion range.
- SOL price has fallen over the last 24 hours.
Solana [SOL] has seen positive price movements recently and while the increases have been slight, they have had an impact on its market capitalization.
There has been a slight decline recently, but if momentum picks up, this could establish a new market cap range.
Solana has crossed the $80 billion mark in market capitalization
Analyse of by Solana market capitalization showed that it started on June 5 at around $79 billion. This increase is due to the recent upward trend in the price of SOL.
At the end of the exchanges, the market capitalization had crossed the $80 billion mark. It was the first time in weeks that it entered the $80 billion range, the previous time in May.
Source: CoinMarketCap
However, as of this writing, the market capitalization has once again fallen below the $80 billion range, currently sitting around $79.2 billion. The drop is due to the drop in SOL price over the last 24 hours.
The price of SOL falls
AMBCrypto daily analysis of Solana revealed recent consecutive uptrends. Between June 3 and 5, the price increased from around $164 to around $173.
At the end of the session on June 5, SOL was up just over 1%, trading at around $173.5.
As of this writing, Solana’s price has fallen to around $172 after a decline of less than 1%. This seemingly minor decline resulted in almost $1 billion of its market capitalization disappearing.
Despite the drop in prices, the general trend remains positive.
Source: TradingView
Chart analysis showed that the trend was still above the short moving average (yellow line), which served as immediate support at the price levels around $160 and $154.
Additionally, an analysis of Solana’s relative strength index (RSI) indicates that it remains in an uptrend. At the time of writing, the RSI is above 60, suggesting a continued bullish outlook.
This current level also implies that SOL still has further upside potential.
Solana’s volume is decreasing…for now
Analyse of by Solana trading volume showed an increase alongside price on June 5. The chart shows that volume increased yesterday to over $2.6 billion, a notable increase considering the significant decline earlier this month.
Source: Santiment
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As of this writing, volume has declined slightly to around $1.9 billion, but it could increase further before trading ends.
However, it remains to be seen whether buyers or sellers will dominate volume.
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