Solana Faces Key Support Zone Amid Fragile Recovery
### Key Takeaways
– Solana (SOL) has lost 18.18% in value since reaching a new all-time high in December but has shown recovery over the past week with a 7.09% increase.
– The number of transactions on the network has risen, but the market remains dominated by sellers.
– A decline in trading volume indicates fragile price dynamics.
– SOL is currently in a critical support zone that could determine its future trajectory.
###
Rising Transaction Numbers, but Sellers Dominate
Solana’s network activity has seen a significant increase over the past 24 hours. With 66.9 million transactions, the blockchain demonstrates high usage. However, a closer look at market data reveals that selling activity continues to dominate.
The so-called “Exchange Netflow,” which measures the difference between inflows and outflows of SOL on exchanges, currently shows negative values. This suggests more SOL is being withdrawn from exchanges, indicating higher buying activity. Nonetheless, SOL worth $6.15 million was sold in the last 24 hours, while sales over the past seven days amounted to $75.18 million.
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Fragile Price Dynamics Despite Recovery
Although the SOL price has risen by 5.42% in the last 24 hours, signs of weak market support persist. Trading volume has dropped by 25% over the same period. A decline in volume during a price increase often signals a short-term rally that is not backed by sustainable demand.
For a stable price trend, Solana would need to see increased trading volume to support the current upward movement. Otherwise, the price could come under pressure again and fall further.
###
Critical Support Zone as a Key Factor
On the price chart, SOL is currently trading within a crucial support zone between $188.89 and $173.24. This zone has often served as a launchpad for price increases in the past. However, if Solana breaks below this support, the price could enter a consolidation phase.
On the other hand, a renewed rally within this zone could push the price toward its previous all-time high. A breakout above this level is also possible if sufficient buying pressure builds.
###
Our Assessment
Despite recent price losses, Solana shows signs of recovery. The rising transaction numbers and negative exchange netflow suggest some buying interest. However, the price trend remains fragile due to declining trading volume.
The support zone between $188.89 and $173.24 will be critical. If Solana finds stability here, it could form the basis for a sustainable rally. Otherwise, a decline into a consolidation phase is likely.
For investors, it remains important to closely monitor trading volumes and the development of the support zone to make well-informed decisions.
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