Solana Sees Massive Increase In Its Trade Volume

Solana is the world’s famous smart contract-based decentralized cryptocurrency exchange.

The developers of Solana also developed the Solana (SOL) cryptocurrency token which is also known as the native cryptocurrency of the Solana blockchain.

According to the data most recently Solana’s trade volume surged by almost $830 million on Thursday.

This accounted for the second-highest trade volume for 24 hours just in the space of two weeks.

That means higher-than-expected digital wallets are buying and selling SOL tokens. Moreover, more than expected people are using the Solana blockchain exchange.

The reason behind this increase in Solana’s trade volume is its past 21-day average price fluctuation which has remained around $23.

Solana (SOL) Price Performance

As far as its price is concerned, back on Friday when the market closed, SOL was exchanging hands at the price of $22.80.

That means its market price increased by 2.5%. Just a day before Friday, it was valued at $24, the weekly high.

As compared to Thursday, Friday’s price showed a decline in its price by 5%.

Despite showing an immensely vibrant performance throughout the last week, Solana still failed to match the performance displayed by its archrivals Bitcoin and Ethereum.

Bitcoin and Ethereum are the world’s number one and number two cryptocurrencies respectively.

On Thursday, Bitcoin reached its 8-month high price at $25k. On the flip side, Ethereum surpassed its higher numbers.

Ethereum touched the $1700 mark, the highest it has peaked since September 2022. But on Friday, Bitcoin and Ethereum both saw a decline in their prices.

Solana, on the other hand, failed to touch its highest price level in the recent few weeks which was $26.

Currently, the token is priced at $25.24. Although SOL failed to reach its all-time high price over the past few weeks, the token is very reliable.

What is The Future of Solana and Where Does Its Price Go?

In recent weeks, the level of resistance for Solana has been decided by its 200-DMA.

This parameter is the hurdle that Solana’s price is not surging beyond the current levels of resistance.

Experts do believe that to get the momentum for the long-term price hike Solana must surpass the $26 to $27 price.

However, if Solana (SOL) somehow managed to surpass the current levels of resistance, the market bears will do their best to bring the price of SOL down.

One of the biggest factors now is that the market is recovering, and it is also thriving.

But the only troublesome news that hit the market is Fed’s decision that they might increase the interest rate by 50bps.

But Solana (SOL), if kept performing the way it is now might see a further increase in the price of Solana.

Despite its impressive 180% recovery from the lows of previous years, the cryptocurrency still lags significantly behind its record highs of 2021.

Currently, SOL is being traded almost 90% lower than its all-time high of 2021.

Last year, Solana suffered greatly because of the demise of the FTX despite having strong technical indicators.

But this year, market experts are fully backing Solana’s price to reach near its all-time high. The data shows that almost 140,000 users use Solana exchange.

Experts do believe that if SOL managed to cross the $30 level, this would force the token to reach the $39 level by the end of this month.

That means just by the end of this month SOL’s price would be 70% higher than its current price.

Experts on the other hand also suggested that investors should add SOL into their wallets to timely leverage their benefits.

Solana might see a massive influx of investment in the coming days as its price is likely to go up in near future.

But there are also some other cryptocurrencies such as Bitcoin, Ethereum, ADA, Floki, etc. which can be beneficial for investors to generate profits with minimal investment.