Solana Bounces Back as Trading Volume Rises While the Price Struggles Again


Solana Bounces Back as Trading Volume Rises While the Price Struggles Again

Solana (SOL) is one of those tokens that have faced the issue of a price drop but have seen a massive influx in trading simultaneously. According to the data from CoinGlass, it can be identified that the trading volume of SOL tremendously surged by 84.46% to $8.19 billion today. Such an increase proves that crypto traders have high expectations for Solana despite facing a bear run in the past few days.

A breakdown of trading volume shows that $2.98 billion came from Binance, $1.60 billion from Bybit, $1.39 billion from OKX, and $916.58 million from Bitget. This data indicates that Solana is generating significant interest from traders across numerous platforms, a good indicator for the cryptocurrency. The uptick in trading activity indicates Solana traders’ perseverance, as they remain optimistic about the coin’s potential despite the overall pessimistic atmosphere in the cryptocurrency market. While several factors influence a coin’s prospective price increase, dealers’ confidence cannot be discounted.

Read Also: Astar Foundation to Burn 350 Million ASTR Tokens, Overhaul Tokenomics

Solana’s Price Struggles Amid Broader Market Downtrend

As of press time, SOL was trading at $143.51, down 3.94% over the previous 24 hours. Over the last month, the coin has fallen 12.89%, highlighting the current worrisome indicators for Solana. This bearish trend is also evident in the broader cryptocurrency market, predominantly headed by Bitcoin (BTC). However, recent data indicates that SOL may recover from its present levels. Solana is receiving good signals from vital technical indicators and increased trade volume where for example, the SOL price trades higher than its 200-day SMA and Exponential Moving Average (EMA).


thegreensafe large horizontal banner

This is an important indicator since it tends to strike that Solana’s current price is relatively high from a long-term perspective. Furthermore, it shows that the recent bearish price decline has not affected the bullish trend in the long run for the said digital currency. Thus, expectations are that, at some point, SOL may be able to rise from the price point where it is currently trading.


Solana’s substantial increase in trading volume despite its price problems demonstrates crypto traders’ optimism about the future. Despite the recent downward trend, good technical indicators show that Solana could recover. As SOL continues attracting interest from traders across many platforms, its long-term prospects look positive. The persistence and optimism of Solana traders may pave the path for a price recovery in the foreseeable future.

Read Also: Ripple Cites Recent Binance Ruling in Ongoing SEC Battle

Special Offer (SPONSORED)

Binance Free $200 (Exclusive): Use this link to register and receive $200 free trading fee credit (terms).

"3Commas Trading Bot" Special Offer: Use this link to Sign up with 3Commas and get 10% off your first monthly subscription.

Maxwell is a crypto-economic analyst and Blockchain enthusiast, passionate about helping people understand the potential of decentralized technology. I write extensively on topics such as blockchain, cryptocurrency, tokens, and more for many publications. My goal is to spread knowledge about this revolutionary technology and its implications for economic freedom and social good.