Solana (SOL) is down by 1.4% over the past 24 hours. SOL’s price is retracing after slight gains in the last 24 hours. At the time of writing, SOL was trading at $31.11. SOL has also gained by around 3% over the past week.

The total cryptocurrency market cap in the last 24 hours has increased by nearly 5% to surpass $1 trillion. During the same time, many altcoins have traded in the green zone, with Ethereum making double-digit gains.

However, SOL has failed to register major gains, as seen in the token trading between $30 and $32, indicating low volatility. The trend made by SOL is different from the one seen with most of the cryptocurrency market.

During the past 24 hours, SOL has reported trading volumes of around $1.44 billion, representing a 42% increase over the past day. This is a healthy volume, showing that traders are interested in the token.

SOL currently ranks as the ninth-largest cryptocurrency, with a market cap of over $11 billion. If SOL can mimic the performance of the broader cryptocurrency market and rallies, it could test the next level at $35 before dashing for $40.

SOL registered a solid bullish rally in November last year when it reached an all-time high of $259. However, the token has since dropped from these levels by around 88% amid the bearish trend seen for most of this year.

The technical indicators show that SOL could be headed toward a trend reversal. The Relative Strength Index (RSI) shows that the token is in the overbought zone, indicating that a reversal could be on the way.

The movement of the Moving Average Convergence Divergence (MACD) line also shows that the trend is bullish. The MACD line is above the signal line, which could be attributed to the slight gains that SOL has made after the