Solana (SOL) has seen a recent price increase, pushing its market capitalization above $80 billion for the first time in weeks. The token’s price rose from $164 on June 3rd to $173.5 on June 5, a gain of over 1%. This uptick translated to a market cap exceeding $80 billion by the end of trading on June 5.
Source: CoinMarketCap
However, the rally was short-lived. A slight decline in SOL’s price over the last 24 hours brought the market cap back down to around $79.2 billion. Despite the dip, analysts remain cautiously optimistic.
Chart indicators suggest a potential for further growth. Solana’s price is still trading above its short-term moving average, which provides support at around $160. The Relative Strength Index (RSI) also remains above 60, signifying a bullish trend.
Trading volume also saw a positive swing. It climbed to over $2.6 billion on June 5th, a significant improvement compared to the earlier part of the month. However, the volume has since dipped to around $1.9 billion.
Will the bulls or the bears take control? While the current technical analysis points towards a potential rise in SOL’s price, future market movements will determine whether Solana can establish a new market cap range above $80 billion.