SOL 48-Hour Sell Volume Dominates $83 Trading Price by CoinQuora

© Reuters. SOL’s 48-hour sell volume dominates $83 trading price

    • CoinMarketCap placed (SOL) 7th on its trending list.
    • The price of SOL currently stands at $82.63 after declining -11.34% in the last 24 hours.
    • If the $83 mark fails to hold, we could see SOL’s price target of $80 as the next support.

CoinMarketCap placed Solana (SOL) 7th on its trending list after declining -11.34% in the past 24 hours. This places SOL just behind Green Satoshi Token (GST) and ahead (BTC) on CoinMarketcap’s trending list.

SOL also made it into CoinMarketCap’s top 10 coins by market capitalization. SOL is currently in 8th position which puts it behind (LUNA) in 7th position and ahead (ADA) in 9th position.

The price of SOL currently stands at $82.63 after a decline of -11.34% in the last 24 hours, and the highest price for the coin over this time frame was $93.31. The current price translates to approximately 0.002271 BTC and 0.03022 ETH.

Looking at longer timeframes, SOL recorded a decline of -15.54% in the last seven days and a decline of 34.36% in the last month.

The market capitalization of SOL currently stands at $27,559,836,154 and the coin has recorded a 24-hour trading volume of approximately $1,880,053,068.

The 24-hour volume for SOL is mostly comprised of sell trades (Source: TradingView)

The daily chart for SOL/USDT suggests that the price of SOL may continue to decline further to around $80 as the 50 EMA remains below the 100 EMA and the RSI approaches oversold at 37.19.

If the $83 mark fails to hold, we could see SOL’s price target of $80 as the next support. Given that the majority of trading volume is selling volume and that the RSI and EMA are signaling a bearish cycle, it is unlikely that SOL will break above $90 anytime soon as the price is also looking to consolidate at least at the actual level. .

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