A significant increase in interaction was observed recently within the Solana (SOL) network. This situation can be linked to the previous price rise, recent NFT events, and particularly the Jito (JTO) airdrop. Consequently, there has been a substantial rise in the volume of decentralized exchange (DEX) activity on the Solana network.
NFT sales on Solana have increased over the past week. The increase in network activity has indicated that the Solana blockchain secured the top spot in terms of total transaction numbers in November. Nevertheless, despite these developments, there was a retreat on the token price front.
Throughout November, Solana traded between the yellow levels shown below. During this period, it rose from $51.1 to $64. On December 7th, SOL broke out of the range, reaching $77.78. It then experienced a decline along with a drop in Bitcoin.
Following this period, the RSI fell below the neutral 50 and seemed to turn in favor of the bears. The On-Balance Volume (OBV) also showed signs of decline over the past three days. This situation could suggest that the selling volume was strong. After the price fluctuations on Monday, as seen on the two-hour chart, the price dropped to $64.18 and quickly received a response.
Still, according to analyses, it would not be incorrect to say that the downward trend continued in the two-hour time frame. In recent days, falling below the lowest level, which was seen as support after surpassing this level, brought bearish interpretations.