- Despite a recent drop, Solana’s price stabilizes around $55.
- Cardano sees community support despite a 3.52% price decrease.
- Increased trading volumes for SOL and ADA indicate ongoing market interest.
Solana (SOL) has been downward for the last 24 hours after failing to break through the 24-hour high of $59.65. As a result, bears have grabbed control of the market, driving SOL’s price to an intraday low of $53.33 before regaining support and stabilizing around the $55 level at press time. The price drop has prompted some profit-taking among short-term traders, while long-term investors remain bullish about Solana’s prospects.
The consolidation period may create a buying opportunity for investors wishing to join or increase their SOL investments. If the bears break through the $53.33 support level, the next support level to monitor is around $50. However, if the bulls push the price over $55, it might signal a rising trend and draw additional investors.
SOL/USD 24-hour price chart (source: CoinStats)
The market capitalization of SOL fell by 2.86% to $23,253,187,029, while its 24-hour trading volume climbed by 17.90% to $1,210,653,312, suggesting more signi…
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