Solana’s Market Capitalization Briefly Reaches $80 Billion. What’s in Store for SOL?
Journalist
- Solana’s market cap has risen to $80 billion.
- SOL has fallen in price over the past 24 hours.
Solana [SOL] The company has seen some positive price changes in recent months. Although the increases were small, they had a significant impact on the market cap.
If the momentum regains, it could establish a new range in market cap.
Solana crosses $80 billion mark in market cap
Solana’s market cap started at around $79 billion on June 5. The recent price increase of SOL was responsible for this increase.
At the close of trading, the market cap had crossed the $80 billion threshold. It was the first time since May that the market cap had crossed the $80 billion mark.
Source: CoinMarketCap
At the time of writing, the market cap has fallen back below $80 billion. It currently stands at around $79.2 billion. This is due to a drop in the SOL price over the last 24 hours.
SOL price drop
AskFX’s daily analysis of Solana has revealed recent bullish trends. Solana’s price rose from $164 to $173 between June 3 and June 5.
SOL was trading at $173.5 at the close of business on Friday, June 5, an increase of just over 1%.
Solana’s price has fallen to $172 at the time of writing, after a drop of less than 1%. Solana’s market cap has been reduced by almost $1 billion due to this seemingly minor drop.
The overall trend is positive despite the price drop.
TradingView
The chart shows that the trend is still above the short-term moving average (yellow lines) which provides immediate support to the price between $160 and $154.
A Relative Strength Index analysis shows that Solana is still in an uptrend. At the time of writing, the RSI was above 60, indicating a bullish outlook.
The SOL level is still a possibility for future increases.
Solana volume is falling… for now
Solana’s price rose along with the volume traded on June 5.The chart showed that yesterday the volume had risen to over $2.6 billion, which is a significant increase considering the drop earlier in the month.
Source: Santiment
Is your portfolio in the black? Solana Profit Calculator
Volume has fallen slightly to $1.9 billion at the time of writing. However, it could continue to rise by the close of trading.
It remains to be seen whether sellers or buyers will dominate the market.
