Solana

Value

DeFi

<ul>
 <li><strong>Solana’s trading volume is up&nbsp; 64% in the past 24 hours.</strong></li>
 <li><strong>Analysts Predict Bullish Potential, Eye $250 Target</strong>.</li>
</ul>
<p>In mid-May, Solana [SOL] hit a one-month and two-week high of $188.8, but it has since experienced volatility. In the last week of May, bearish sentiments dominated the market. Currently, SOL declining by 1%. Despite this dip, trading volume surged by 64%, suggesting heightened market activity. Over the past week, SOL is down 1.68%, but it boasts a 20% increase over the month, reflecting its overall resilience.</p>
<p>Solana has been the <a href="https://thenewscrypto.com/47-of-us-voters-plan-to-add-crypto-to-their-portfolios-as-per-recent-survey/" target="_blank" rel="noopener noreferrer nofollow">cryptocurrency</a> market’s best performer over the past year, driven largely by its vibrant memecoin ecosystem. However, there’s been a noticeable decline in social volume. Despite celebrities like Caitlyn Jenner launching memecoins on the Solana blockchain, these ventures have not significantly impacted SOL’s price.</p>
<p>Moreover, the derivatives market for SOL shows a blend of increasing interest and declining trading volumes, indicating a cautious yet engaged trading environment. And the Total Value Locked (TVL) in Solana stands at $4.807 billion, according to <a href="https://defillama.com/chain/Solana" target="_blank" rel="noopener noreferrer nofollow">DeFi Llama</a>.</p>
<h3 class="wp-block-heading" id="h-solana-traders-to-remain-composed">Solana Traders To Remain Composed?</h3>
<p>Analysts highlight a strong <a href="https://coinmarketcap.com/currencies/solana/" target="_blank" rel="noopener noreferrer nofollow">uptrend</a> in Solana’s performance, suggesting a potential bullish phase. If the momentum continues, breaking the $170 resistance level seems likely, potentially pushing SOL’s value towards or even beyond $200, with a target of $250 in the near future.</p>
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXcmmajSNiRDSjr77q31EUTz1ElbttOCn1pAVipfAR0XT4MCwUtjoiJtmn1fLjBd4ydNG9w3Ud1WOh9sdPlZzppBXmF2XBmAirxF5ZsM5a354M8E16uVvIEwsWoWAa3JPPf0hrLNwTb9RqQFaal0oVkSydXP?key=XCeAWa_JtgWGYczq4XLJdg" alt="">
  <figcaption class="wp-element-caption">
   SOL Price Chart, Source: TradingView
  </figcaption>
 </figure>
</div>
<p>Conversely, if market sentiment shifts negatively, SOL might find support at $160. A further downward trend could see prices drop to $155, signaling a bearish market phase.&nbsp;</p>
<p>Technically, the daily chart indicates a bearish trend for <a href="https://thenewscrypto.com/solana-sol-price-faces-downward-pressure-heres-why/" target="_blank" rel="noopener noreferrer nofollow">SOL</a>, with the 9-day Exponential Moving Average (EMA) positioned at $166.33. The Relative Strength Index (RSI) is at 51, suggesting a neutral market stance.&nbsp;</p>

Will Solana Overcome Bearish Trends to Break the $200 Barrier?

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