Recently, a noticeable increase in interaction has been observed on the Solana (SOL) network. The reasons for this increase include previous price rises, recent NFT activity, and particularly the Jito (JTO) airdrop. As a result, there has been a significant rise in Solana’s DEX volume.
Last week, an increase in Solana’s NFT sales was observed. The increase in network activity showed that the Solana blockchain ranked first in total number of transactions for the month of November. However, despite all these developments, there has been a pullback in the token price front recently.
Throughout November, Solana’s price traded between the yellow levels shown in the chart below. During this period, it rose from $51.1 to $64. On December 7th, SOL stepped out of this range and reached $77.78, but then experienced a decline along with the fall in Bitcoin.
Following this period, the RSI fell below the neutral 50 level and turned in favor of the bears. The On-Balance Volume (OBV) also showed signs of decline over the past three days. From this, it can be inferred that the selling volume was strong. After the price fluctuation on Monday, the price dropped to $64.18 on the two-hour chart and quickly received a response.
Still, according to analyses, it would not be wrong to say that the downward trend continued in the two-hour time frame. In recent days, dropping below the lowest level seen as support after this level was passed brought bearish interpretations with it.