As May came to a close, Solana's price experienced a decline amid SEC statements regarding new ETFs, impacting the token's value. This article examines the current price changes and growing user interest.
Current Solana Price and Its Changes
Amid the SEC's call regarding new ETFs involving Ethereum and Solana, the price of SOL dropped by 11.45%. For 23 consecutive days, the token fluctuated between $155 and $185.
Increase in New Solana Wallets
The number of new Solana wallets increased from 98.33 million in March to 123.81 million in May. This indicates growing user interest and adoption of the technology, supporting network growth.
Price Prospects for Solana
Currently, Solana's price is down over 1% in 24 hours. The Relative Strength Index (RSI) stands at 41.66, indicating bearish sentiment. If the price maintains above $150, a retest at the May high of $177 is possible; however, there is also a risk of dropping to $127.
Overall, Solana continues to attract user interest despite recent price fluctuations. Support around $150 may play a crucial role in determining future market dynamics.
