Solana market cap briefly hits $80 billion – What’s ahead for SOL?

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Solana saw consecutive price increases recently, and that aided its market cap to rise to the $80 billion range for the first time in weeks.

SOL price has declined in the last 24 hours.has experienced some recent positive price movements, and although the increases were slight, they impacted its market capitalization.

There has been a slight dip recently, but if the momentum picks up again, it could establish a new market cap range.market cap showed it started on 5th June at around $79 billion. This increase was due to the recent uptrend in SOL’s price.had crossed the $80 billion mark. This was the first time in weeks it entered the $80 billion range, with the previous instance being in May.However, as of this writing, the market cap has dropped below the $80 billion range again, currently sitting around $79.

At the end of trading on 5th June, SOL saw an increase of a little over 1%, trading at around $173.5. As of this writing, the price of Solana has fallen to around $172 after a decline of less than 1%. This seemingly minor drop resulted in nearly $1 billion being wiped off its market cap.Analysis of the chart showed that the trend was still above the short moving average , which served as immediate support at around the $160 and $154 price levels.

Additionally, an analysis of Solana’s Relative Strength Index indicates that it remains in a bull trend. As of this writing, the RSI is above 60, suggesting a continued bullish outlook.Solana volume declines… for now. The chart indicated that the volume rose to over $2.6 billion yesterday, a notable rise given the significant decline at the beginning of the month.

 

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