Solana (SOL) Prepares for Comeback as Volume Jumps 39%
2024-12-02

The growth in the price of XRP had a reverse effect on its closest rival, Solana SOLUSD. As XRP inches closer to its all-time high (ATH) of $3.84, Solana falls further from it. As of this writing, Solana's price has decreased by 4.48% in 24 hours to $225.74, per data from CoinMarketCap. Despite this gloomy outlook, the coin is preparing for an epic comeback, with its trading volume up 39% to $3 billion.
Solana metrics remain positive
Solana is the major star of the ongoing bull run, having displaced Binance Coin (BNB) as the fourth-largest cryptocurrency months ago. However, the disruption within its ecosystem through the Pump Fun livestream pause has triggered limited SOL demand.
This has ultimately helped weaken the price growth amid sustained positive sentiment on the broader market. However, the boost in trading volume indicates sustained interest among buyers in general.Solana RSI on 1D Chart Via CoinMarketCap/TradingView">
In addition, the Relative Strength Index (RSI) has returned to the 50.58 neutral mark from a high of 77 in late November. This proves that the coin is currently not overbought. Though Solana's price is not oversold yet, it is more likely to rebound than ever before.
Solana has a robust ecosystem with a diverse use case. While its meme coin ecosystem is suffering a strain, overall sentiment remains high.
Solana price and influencer hype
One major benefit Solana has enjoyed thus far as an asset is its affiliation with influencers in the industry. The coin remains a favorite of Raoul Pal, who has always seen it as a major innovation in the broader digital currency ecosystem.
Over the past few months, Solana has continuously outranked Ethereum in key performance metrics as it has reached the top. Some of the hype has toned down, but the protocol is still very relevant in the DeFi ecosystem with its $20 billion TVL.