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Solana market cap briefly hits $80 billion – What’s ahead for SOL?

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Solana saw an increase in market price, but it dropped. Can the price help push it up again?

Solana

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  • The Solana market cap saw an increase to the $80 billion range.
  • SOL price has declined in the last 24 hours.

Solana [SOL] has experienced some recent positive price movements, and although the increases were slight, they impacted its market capitalization.

There has been a slight dip recently, but if the momentum picks up again, it could establish a new market cap range.

Solana crossed the $80 billion market cap range

Analysis of Solana’s market cap showed it started on 5th June at around $79 billion. This increase was due to the recent uptrend in SOL’s price.

By the end of trading, the market cap had crossed the $80 billion mark. This was the first time in weeks it entered the $80 billion range, with the previous instance being in May.

Solana market cap

Source: CoinMarketCap

However, as of this writing, the market cap has dropped below the $80 billion range again, currently sitting around $79.2 billion. The decline is due to the decrease in SOL’s price over the last 24 hours.

SOL price declines

AMBCrypto’s daily analysis of Solana revealed recent consecutive uptrends. Between 3rd and 5th of June, the price increased from around $164 to approximately $173.

At the end of trading on 5th June, SOL saw an increase of a little over 1%, trading at around $173.5.

As of this writing, the price of Solana has fallen to around $172 after a decline of less than 1%. This seemingly minor drop resulted in nearly $1 billion being wiped off its market cap.

Despite the price decline, the overall trend remains positive. 

Solana price trend

Source: TradingView

Analysis of the chart showed that the trend was still above the short moving average (yellow line), which served as immediate support at around the $160 and $154 price levels.

Additionally, an analysis of Solana’s Relative Strength Index (RSI) indicates that it remains in a bull trend. As of this writing, the RSI is above 60, suggesting a continued bullish outlook.

This current level also implies that SOL still has the potential for further increases.

Solana volume declines… for now

Analysis of Solana’s trading volume showed an increase alongside the price on 5th June. The chart indicated that the volume rose to over $2.6 billion yesterday, a notable rise given the significant decline at the beginning of the month. 

SOL volume

Source: Santiment


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As of this writing, the volume has slightly declined to around $1.9 billion, but it could rise further before the end of trading.

However, it remains to be seen whether buyers or sellers will dominate the volume.

 

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Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations. Besides working on insightful articles that touch upon the crypto-space's hottest issues, he finds joy in supporting Manchester United and Afrobeat music.
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