Solana Decreases More Than 4% Within 24 hours
Portfolio Pulse from Benzinga Insights
Solana (CRYPTO: SOL) has seen a price decrease of 4.72% in the last 24 hours, now at $147.95, despite a 20% uptrend over the past week. Its trading volume dropped by 44%, while the circulating supply slightly increased, maintaining its market cap ranking at #5 with $66.49 billion.
May 08, 2024 | 3:00 pm
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NEGATIVE IMPACT
Solana's price has decreased by 4.72% to $147.95, despite a weekly uptrend of 20%. The trading volume has significantly decreased by 44%, with a slight increase in circulating supply.
The short-term price decrease of Solana, despite its recent uptrend, could indicate a temporary market correction or profit-taking by investors. The significant drop in trading volume suggests a decrease in trading interest, which could further pressure the price. However, its strong market cap ranking indicates underlying market confidence in its long-term value.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100