Will Solana Bears Stop SOL from Quick Run to $300?
On November 12, Solana’s (Sol) trading volume hit a four-month high of $12.6 billion as the altcoin rose above $200. However, the same volume is now less than half, suggesting Solana The bears ensure that the price does not rebound to $300.
But the question remains: Are SOL rallies no longer possible? This analysis examines opportunities.
Solana’s interest is waning, activity is low
According to Santiment, Solana’s trading volume has dropped to $5.72 billion. In the cryptocurrency market, trading volume represents the total trading volume Number of coins or tokens exchanged within a specific period. This key indicator provides insight into market activity and liquidity, helping traders assess the strength of price movements and overall interest in a specific asset.
From a price perspective, an increase in trading volume and a rise in cryptocurrency market capitalization is a bullish sign.
In this case, however, the decline as the coin traded at $216 suggests that Solana bears are limiting its gains. Therefore, if trading volumes continue to decline, Solana’s price may also follow a downward trend.
Another metric that affects this is Solana’s active addresses. Active addresses measure uniqueness wallet Addresses involved in sending or receiving funds within a specific time frame. This metric reflects network activity and user engagement.
An increase in active addresses usually means an increase in adoption and usage, which can have a positive impact on the price of a cryptocurrency. Conversely, falling prices could signal waning interest in the network, which could put downward pressure on prices.
Solana’s active addresses dropped to 17.98 million, down from more than 20 million in the last days of October, according to Glassnode data. If this downward trend continues, SOL may not be enough User engagement supports the upward trend.
SOL Price Prediction: Below $200?
On the daily chart, Solana bears immediately pulled back after the price hit $222.49. This pullback ensured that the altcoin’s hopes of reaching $300 have been dashed. As mentioned above, volume has decreased and this is also confirmed on the charts.
If this is the case, Solana’s price is OK It fell towards the $190.30 level. This would happen if selling pressure increases and SOL bears continue to control the price direction.
On the other hand, increased volume accompanied by buying pressure could invalidate this argument. If this happens, Solana Price Could Break Above $225 moves into the $300 level.
Disclaimer
conform to trust project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to providing accurate and unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
