Solana

<ul>
 <li><strong>SOL has gathered about $24 million, marking its greatest influx since March 2022.&nbsp;</strong></li>
 <li><strong>If bulls could drive the price past $23.9 resistance area, then a fresh rally is on the cards.</strong></li>
</ul>
<p>Solana’s inflows spiked dramatically last week, putting it above all other altcoins and even <a href="https://thenewscrypto.com/bitcoin-price-consolidates-all-eyes-on-upcoming-u-s-inflation-data/" rel="noopener noreferrer nofollow">Bitcoin</a>. According to a new report from Coinshares, <a href="https://thenewscrypto.com/solana-price-faces-severe-selling-pressure-further-decline-likely/" rel="noopener noreferrer nofollow">Solana</a> has been receiving a lot of attention due to its recent achievements. The cryptocurrency has gathered about $24 million, marking its greatest influx since March 2022. The fact that the coin’s value has increased by more than 120% this year also bodes well for the future of SOL.</p>
<p>Analysis of the current price of Solana shows that bears continue to exert pressure. The coin’s value has fallen from its recent high of $24.09 to around $21.95. However, the SOL has made some progress and is now trading at $22.25.</p>
<h3 class="wp-block-heading" id="h-bears-dominance">Bears Dominance</h3>
<p>Long-term prospects are still unclear, but short-term predictions favor the bears. A succession of lower highs and lower lows on the chart represents the current negative trend and the bears’ dominance of the market.</p>
<p>According to Solana price analysis, the SOL may bounce back from its present level and enter a recovery period. On the daily chart, though, SOL has seen significant volatility. Gaining additional buyers is essential for making progress in the direction of an upward rebound.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-full"><img decoding="async" width="660" height="356" src="https://thenewscrypto.com/wp-content/uploads/2023/10/SOL_7D_graph_coinmarketcap-1.png" alt="" class="wp-image-83610" srcset="https://thenewscrypto.com/wp-content/uploads/2023/10/SOL_7D_graph_coinmarketcap-1.png 660w, https://thenewscrypto.com/wp-content/uploads/2023/10/SOL_7D_graph_coinmarketcap-1-300x162.png 300w, https://thenewscrypto.com/wp-content/uploads/2023/10/SOL_7D_graph_coinmarketcap-1-150x81.png 150w" sizes="(max-width: 660px) 100vw, 660px">
  <figcaption class="wp-element-caption">
   Source: <a href="http://CoinMarketCap.com" target="_blank" rel="noopener noreferrer nofollow">CoinMarketCap</a>
  </figcaption>
 </figure>
</div>
<p>At the time of writing, SOL is trading at $22.25, down 0.11% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 20.40%. If bulls could drive the price past the $23.9 resistance area, then a fresh rally is on the cards. The price will then likely test $27.5 level.</p>
<p>On the other hand, if the price manages to go below $21.6 then it will likely test $20.4 support level. Further decline will likely result in price testing $18.9 support area.</p>

Solana Price Succumbs To Bear Dominance; Recovery Possible?

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