#solana
The price of SOL is warming up, but it faces the risk of a pullback. What will happen in the future?
SOL must hold key price levels to continue its upward path.
Recently, the trading volume of Solana has increased a bit, but it seems that sellers are more active.
However, recently SOL has warmed up a bit, rising 7.09% over the week and 5.42% in the last 24 hours.
Although the upward momentum is quite obvious, whether it can stabilize remains a question mark. Overall, it is still more of an increase, but the recent selling pressure has started to raise doubts about the sustainability of this upward trend.
The trading volume has increased, yet sellers are more dominant.
The Solana network's trading is indeed bustling, with 66.9 million transactions executed in 24 hours. Assets are beginning to climb out of the trough, and this trend is quite evident.
With increased trading volume, whether it rises or falls depends on which side, buyers or sellers, is stronger. We looked at Solana's net flow on exchanges to see how the trend looks.
Net flow on exchanges indicates whether assets are flowing more into or out of exchanges. More inflow means more sellers; more outflow means more buyers.
Currently, Solana's net flow on exchanges is negative, whether over a day or a week, which means there are more buyers than sellers.
However, despite the increased number of buyers, SOL's 5.42% rise in 24 hours still appears somewhat unstable.
Looking again at the trading volume, we find that prices have fallen by 25%, indicating that the recent upward trend may lack momentum.
Generally speaking, when prices rise while trading volume decreases, it often indicates that there is no substantial market support.
If Solana's trading volume does not rise alongside the price, this asset may still pull back. Despite the pressure, SOL still has upward potential.
SOL is now at a key support level, trading within an upward triangular structure.
This support level is between $188.89 and $173.24, historically a zone with many buyers. Although no significant movements have been observed yet.
If SOL breaks below this support level, it may revert to the previous adjustment phase.
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