Solana (SOL) Shows a Small Recovery in Daily Price Movement

However, the general outlook remains cautious as technical indicators reflect downward pressure.

Solana (SOL), one of the leading cryptocurrencies by market capitalization, has shown a small recovery in daily price movement. However, the general outlook remains cautious as technical indicators reflect downward pressure.

As of press time, SOL was trading at $124.34, with recent chart data from TradingView showing short-term stabilization rather than a full reversal. While Solana, the sixth largest cryptocurrency based on market capitalization, is struggling to build long-term investment, it revealed a 40% loss in its annual chart.

Solana: A Closer Look

The Relative Strength Index (RSI) had a reading of 37.90, still below the neutral 50 threshold. While the RSI has slightly gained from recent lows and is trending toward its 14-day moving average of 33.57, the current level remains in bearish territory.

The Moving Average Convergence Divergence (MACD) showed a similar picture, with the MACD line at -2.45, slightly crossing the signal line above at -2.76. The histogram has brought a value of 0.32, which indicates a possibility of an upward movement of the price.

The coin’s technical chart remained in the bearish zone, remaining below the 100-DMA and the 200-DMA. Such signs mean the decline is unlikely to stop unless there is a wider change in the market environment.

Solana’s trading activity escalated by 78.57% in the last 24 hours at $2.94 billion. The volume has also risen, and the volume-to-market cap ratio has been obtained at 4a .54%, meaning high investor engagement. The current market capitalization is $64.18 billion, with a fully diluted valuation of $74.84 billion.

According to reports by CoinMarketCap, SOL’s price experienced intraday volatility, dropping below $124 during early trading before rebounding above $127 in the afternoon. It finally closed with a daily increase of 0.65%. While fluctuations remain, the price has largely trended upward throughout the day.

Solana’s circulating supply is currently reported as 512.28 million SOL out of 597.38 million. The token does not have a maximum supply cap. The price remains below key resistance levels, particularly the $130 mark, which has acted as previous support.

The bearish impact on primary digital assets continues to affect Solana’s market performance, although the network itself remains stable. Several indicators point toward modest recovery signs yet fail to signal a complete turnaround.

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