Solana, Fell 70% from All-Time High but 'Stirring'...'This' Must Be Breached for Rebound to Start

▲ Solana (SOL)/AI generated image

Solana (SOL) showed a short-term rebound, recording a rise of around 5% over 24 hours. According to CoinMarketCap's real-time chart, Solana's price was recorded at $86.37, and its 24-hour fluctuation rate showed a 5.34% increase. Its market capitalization rank was 7th.

Solana's 24-hour low was $81.93, and its high was $87.14. The current price is moving in a range close to the daily high, and whether it breaks through $87.14 has emerged as a key price level determining the short-term upward trend. While buying sentiment has recovered as the rebound from the low has widened, resistance pressure could increase again around $87 if a breakthrough of the high is not confirmed.

Trading volume also supported the upward trend. According to CoinMarketCap, Solana's 24-hour trading volume was $3,322,340,272, an increase of 15.27% from the previous day. The simultaneous rise in price and trading volume confirmed a resurgence in short-term market participation. The ratio of 24-hour trading volume to market capitalization was recorded at 6.65%.

The market capitalization was displayed as $49,931,991,808. The fully diluted valuation is $54.15 billion, and the circulating supply was recorded at 578,099,049 SOL. The total supply is 627 million SOL, and the max supply is listed as unlimited in CoinMarketCap statistics.

Compared to its all-time high of $294.33 recorded on January 19, 2025, Solana is 70.65% lower. Conversely, compared to its all-time low of $0.5052 recorded on May 11, 2020, it is 16,996.95% higher. Although the gap with the long-term high is still significant, the price and trading volume have both risen over 24 hours, indicating entry into a short-term rebound phase.

The short-term key observation point for Solana is whether it breaks through $87.14. If it surpasses this price level, the daily upward trend could lead to a consolidation at higher levels. Conversely, if the $81.93 support level falters, this rebound might result in only limited recovery despite increased trading volume. Currently, Solana is positioned in a range between the $81 support and $87 resistance, determining its next direction.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*