Solana [SOL] – Should a revisit to the $20-level be a surprise?

Solana's price is preparing for a quick run-up to significant resistance levels. While this rally might cause many traders to get euphoric, it will be nothing but a dead cat bounce.

Timeline of Solana

Unlike Crypto OGs, newbies and paper hands in the crypto space are not familiar with the popular saying “with hardship comes ease”.  With FUD at an all-time high last week following crypto markets correction, the price of Bitcoin and several other altcoins plummeted.

Solana price analysis has been bullish for the last 24 hours, but prices are facing resistance at $53.3. Prices may continue to rise in the short-term, but a pullback is possible if prices fail to break above $53.3.

When Solana's price hit new lows near $54, the total value locked (TVL) for the token also declined to a historical low. According to data from Defi Llama, the token's TVL has been on a steady decline since November 2021.

Solana NFT marketplaces have proven to be one of the fastest growing NFT marketplaces, after their number of users skyrocketed to 250,000 traders in just the months of April and May. This is according to data from Dune Analytics.

Solana price analysis reveals SOL prices are still holding above $50 amid the bearish winds. Solana price movement over the last 24 hours shows the prices opened the daily trading session trading at lows of $49.85 and then proceeded to consolidate around $50.0.

Despite BTC and ETH trading lower on Monday, several cryptocurrencies managed to move higher to start the week. XMR was one of the biggest climbers, with solana also moving higher during the session. Monero (XMR) XMR was one of Monday's biggest gainers, as prices rose by almost $20 from lows during Sunday's session. Following a

Metaplex can solve Solana's network bot problem and the developers can go on the offense against the transaction spamming bots so let's read more today in our latest blockchain news. Solana's network crash in April was blamed on botting programs whcih swarmed popular NFT mints.

Solana TVL continued to plunge in the third week of May due to bearish trends in the market that have seen declining interest in DeFi. The post Solana (SOL) TVL Reaches 2022 Low; Crashes More than $6 Billion appeared first on BeInCrypto.

Solana price analysis shows complete bearish momentum with room for further bearish activities. The bears rule the SOL market and are likely to maintain their momentum, and SOL now expects a further devaluation in the coming days.

Solana price analysis for today shows the prices have entered a bullish trend for the past 24 hours. The prices have been trading above the $50.21 support level and are currently facing resistance at $53.3.