Solana, a prominent altcoin, has been making noteworthy movements in the cryptocurrency market. After reaching an all-time high of $120.58 on December 25th, 2023, the coin has entered a consolidation phase, experiencing fluctuations driven by supply and demand dynamics.

As of now, Solana (SOL) holds the fifth position in market capitalization, totaling approximately $39 billion, according to Coin Market Cap. 

Solana (SOL) Price Prediction

Despite its recent ascent, there has been a gradual descent towards the $90 mark, reflecting the ongoing volatility in the market.

At the time of reporting, Solana Price is $91.15, marking a 6.90% decline in the last 24 hours. The trading volume of SOL also witnessed a decrease during this period.

SOL Price Prediction
Image Credit: Thewistle by Hamza Hayat

In terms of market activity, Solana bulls have been actively defending the $90 support level amid heightened volatility. According to TokenTerminal, Solana’s daily active user count reached 429,162 addresses on January 17, the highest in 2024. This surge in network activity mirrors the levels observed on December 25 when SOL briefly crossed $126.

While the Relative Strength Index (RSI) currently stands at a neutral 47, indicating a potential for oversold conditions in the face of an expected bearish trend, experts suggest that SOL’s price might avoid a significant downswing in the short term.

Additionally, Solana’s DeFi Total Value Locked (TVL) has experienced remarkable growth, soaring by 303% to reach $1.5 billion. This surge can be attributed to strategic points programs and airdrops within the Solana ecosystem.

As Solana navigates through market fluctuations, investors remain keenly observant of key support levels and indicators to gauge the coin’s future trajectory.

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Hamza Hayat is the Independent Onwer of Thewistle. He has multiple year of Experience in Content Management, SEO and Wordpress Development.