Solana (SOL) had a substantial decline in value throughout the market downturn, with its worth plummeting by more than 24% within the past week.
The token’s market valuation exceeds $63 billion. Currently, Solana’s trade price is $142.9, and its market capitalization exceeds $63 billion.
Although there was a decrease, the trade volume experienced a significant increase of more than 70%. Crypto experts’s analysis found that the price volatility of SOL over one week experienced a significant increase, while the prevailing attitude in the market remained pessimistic.
Nevertheless, the social volume of crypto remained elevated, indicating its widespread appeal within the crypto community.
With the token’s value falling below a crucial support level, Crypto Tony, a renowned crypto expert, indicated that investors could expect additional price declines.
According to the analysis, SOL’s liquidation will have a significant rise in proximity to $130, potentially serving as a support level. If the token does not pass this test, its price might potentially decrease to $120 before seeing a surge in bullish momentum.
