SOL’s 48-Hour Sell Volume Dominates $83 Trading Price

2022.05.06 21:16

Budrigannews.com – SOL’s 48-Hour Sell Volume Dominates $83 Trading Price

• • CoinMarketCap has placed Solana (SOL) in the 7th position on their trending list.
  • SOL’s price currently stands at $82.63 after a -11.34% drop over the last 24 hours.
  • If the $83 dollar mark fails to hold we could see SOL’s price target $80 as the next support.

CoinMarketCap has placed Solana (SOL) in the 7th position on their trending list after a -11.34% drop over the last 24 hours. This places SOL right behind Green Satoshi Token (GST) and in front of Bitcoin (BTC) at the CoinMarketcap’s trending list.

SOL also made it onto CoinMarketCap’s top 10 coins in terms of market cap. SOL is currently in the 8th position which places it behind Terra (LUNA) in the 7th position and in front of Cardano (ADA) in the 9th position.

SOL’s price currently stands at $82.63 after a -11.34% drop over the last 24 hours, and the coin’s highest price over this period was $93.31. The current price translates to around 0.002271 BTC and 0.03022 ETH.

When looking at the longer time periods, SOL saw a -15.54% drop over the last seven days and a 34.36% dip over the last month.

SOL’s market cap currently stands at $27,559,836,154 and the coin saw a 24 hour trading volume of around $1,880,053,068.

24 hour volume for SOL is mainly sell trades (Source:TradingView)

The daily chart for SOL/USDT suggests that the price of SOL may continue to fall more to around $80 as the 50 EMA remains below the 100 EMA, and the RSI nears oversold at 37.19.

If the $83 dollar mark fails to hold we could see SOL’s price target $80 as the next support. Given the fact that the majority of the trading volume is sell volume and the RSI and EMAs signal a bearish cycle, it is unlikely that SOL will break past $90 any time soon as the price also looks to consolidate at the very least at the current level.

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