Solana shows declines in trading volume and prices, reaching its lowest level in 2024. Investors are concerned about the token's prospects.
Drop in Trading Volume and Price
Solana (SOL) registered its lowest trading volume at $3 million daily. Over the past four weeks, the token’s price fell by 36%, trading around $128. The loss of a key support level at $128.01 poses a risk of dropping to $100 or lower.
Current Liquidity Situation
Liquidity in Solana-based protocols has halved since January, with TVL dropping from $12.19 billion to $6.69 billion. This suggests investors are withdrawing funds amid declining prices.
Analysis and Prospects
Analysts project a decline to $85 if Solana fails to hold the $100.34 support level. However, derivatives markets show increased buying volume, indicating some optimism among investors.
The current situation with Solana remains uncertain. The token's fate will depend on its ability to hold technical support levels and TVL trends.
