The post Solana (SOL) Prepares for Comeback as Volume Jumps 39% appeared on BitcoinEthereumNews.com.

Cover image via www.freepik.com Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. The growth in the price of XRP had a reverse effect on its closest rival, Solana (SOL). As XRP inches closer to its all-time high (ATH) of $3.84, Solana falls further from it. As of this writing, Solana’s price has decreased by 4.48% in 24 hours to $225.74, per data from CoinMarketCap. Despite this gloomy outlook, the coin is preparing for an epic comeback, with its trading volume up 39% to $3 billion. Solana metrics remain positive Solana is the major star of the ongoing bull run, having displaced Binance Coin (BNB) as the fourth-largest cryptocurrency months ago. However, the disruption within its ecosystem through the Pump Fun livestream pause has triggered limited SOL demand. Related This has ultimately helped weaken the price growth amid sustained positive sentiment on the broader market. However, the boost in trading volume indicates sustained interest among buyers in general. Solana RSI on 1D Chart Via CoinMarketCap/TradingView In addition, the Relative Strength Index (RSI) has returned to the 50.58 neutral mark from a high of 77 in late November. This proves that the coin is currently not overbought. Though Solana’s price is not oversold yet, it is more likely to rebound than ever before. Solana has a robust ecosystem with a diverse use case. While its meme coin ecosystem is suffering a strain, overall…

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Filed under: News - @ December 2, 2024 11:28 am