Solana Falls More Than 10% In 24 hours
Portfolio Pulse from Benzinga Insights
Solana (CRYPTO: SOL) has seen a significant price drop of 10.16% in the last 24 hours, falling to $56.42, despite a 15% increase over the past week. The volatility is evident from the widening of Bollinger Bands on the price charts. Trading volume for Solana has risen by 3%, and the circulating supply has increased by 2.29%, bringing it to 422.75 million coins. Solana currently holds the #6 market cap ranking at $23.76 billion.
November 17, 2023 | 3:00 pm
News sentiment analysis
Sort by:
Descending
NEGATIVE IMPACT
Solana's price has dropped by over 10% in 24 hours, despite a recent uptrend. The increase in trading volume and circulating supply may indicate heightened market activity, but the price drop suggests a bearish short-term sentiment.
The sharp decline in Solana's price over the past 24 hours, despite the overall uptrend over the week, indicates a negative market reaction that could continue in the short term. The increased trading volume suggests that the price movement is significant and not just a minor fluctuation. The rise in circulating supply could be putting downward pressure on the price. Given these factors, the short-term impact on Solana's price is likely negative.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100