Solana (SOL) price fluctuations over past week.
Over the past week, Solana (SOL) has experienced notable price fluctuations. Here's a summary of its recent trading pattern:
On January 13, 2025, SOL reached an intraday high of $293.79 but has since retracted to $244.60 as of January 20, 2025. This decline suggests a consolidation phase after testing the $290 resistance level.
Technical indicators point to a potential bearish trend. The Relative Strength Index (RSI) is trending downward at 48.70, indicating increasing selling pressure. Additionally, SOL is trading near the lower band of its Bollinger Bands, suggesting a downtrend.
Despite the price dip, Solana's network activity remains robust. The platform has processed over $1.6 billion in daily transaction volume, surpassing Ethereum and its layer-2 solutions. This surge in activity highlights Solana's growing adoption and resilience.
In summary, while Solana has faced a price decline over the past week, its strong network fundamentals suggest potential for recovery. Traders should monitor key support levels and technical indicators to assess future price movements.