Solana Price Prediction as Daily Trading Volume Pumps Past $2 Billion – Are Whales Buying?
The Solana price has dropped by 4.5% in the past 24 hours, slipping to $101.82 as the crypto market suffers a 1.5% reduction today.
Today’s slide marks a bad week for SOL, which is now down by 8% in a week and by 4% in a fortnight, although it remains up by 17.5% in the last 30 days.
And with its volume sitting above $2 billion, it’s clear there’s still plenty of demand for the token, even if some holders are selling right now.
This means that, after its current correction, it should return to growth soon enough, potentially reaching new highs for the year in a few weeks.
Based on an examination of its indicators, it would seem that SOL is ready to fall further before it can correct itself upwards again.
Its relative strength index (purple) has fallen below 50 in recent days, and while it has halted a drop below 45, this may only be temporary.
Indeed, SOL’s 30-day moving average (yellow) has flattened out after a period of sustained growth, with the average likely to begin falling towards the 200-day (blue).
The question as to whether it fall below the 200-day, this will depend on whether SOL’s support level (green) can resist a clear drop below $100.
If it can’t, we could see SOL pick up additional losses, possibly sinking to $95 or a bit lower before positivity returns.
Such a possibility may not be likely, however, since the alt’s trading volume remains healthy, at around $2.2 billion today.
Some of this volume is coming from selling, with recent days seeing big SOL transfers to exchanges.
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