- The Solana market cap saw an increase to the $80 billion range.
SOL price has declined in the last 24 hours.
As a researcher with some experience in cryptocurrency markets, I have been closely monitoring Solana [SOL] and its recent price movements. The market cap of Solana saw an impressive increase, crossing the $80 billion range for the first time since May. This was due to the slight uptrend in SOL’s price, which resulted in a significant boost to its overall value.
Recently, the price of Solana (SOL) has seen some upward trends, resulting in a bump to its total market value. Despite the small price jumps, this development significantly affected Solana’s market standing.
If recent trends take a small step back, but regain their pace, they may set a new price range for the market.
Solana crossed the $80 billion market cap range
The market capitalization of Solana was approximately $79 billion as of June 5th, according to an analysis. This growth can be attributed to the current upward trend in the value of SOL.
As I conducted my analysis at the close of trading, I was elated to discover that the market capitalization had surpassed the $80 billion threshold for the first time in several weeks. The last occurrence of this milestone happened back in May.
At present, the market capitalization has dipped back beneath the $80 billion threshold, hovering at approximately $79.2 billion. This downturn can be attributed to a drop in Solana’s (SOL) value over the past day.
SOL price declines
As a cryptocurrency market analyst, I’ve been closely monitoring Solana’s price trends at AMBCrypto. Notably, there have been successive upward movements in Solana’s value. Specifically, between the 3rd and 5th of June, the price rose from approximately $164 to around $173.
As a market analyst, I observed that by the close of trading on the 5th of June, Solana (SOL) experienced a gain of approximately 1%, with its price hovering around $173.5.
At present, the cost of Solana is approximately $172, marking a decrease of under 1%. Surprisingly, this small price change led to the erasure of almost a billion dollars from its total market value.
Despite the price decline, the overall trend remains positive.
The examination of the graph revealed that the trend remained higher than the short-term moving average, acting as near-term backing at roughly $160 and $154 on the price scale.
From my perspective as a researcher, I’ve examined Solana’s Relative Strength Index (RSI), and the current reading indicates a persistent bull market for the cryptocurrency. At present, the RSI value is above 60, implying a positive trend that is likely to continue.
This current level also implies that SOL still has the potential for further increases.
Solana volume declines… for now
On June 5th, Solana’s trading volume experienced a marked upward trend, mirroring the price surge. The graph revealed a substantial increase in trading activity, with over $2.6 billion exchanged hands on that day. This significant volume spike stands out against the backdrop of a noticeable decline at the beginning of the month.
Currently, the volume stands approximately at $1.9 billion, with potential for additional growth prior to the market close.
However, it remains to be seen whether buyers or sellers will dominate the volume.
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2024-06-07 00:07