• Solana (SOL) price has shown a decline in value over the past month. 
  • The token’s trading volume has also exhibited a decline of 13% in the past 24 hours.

The Solana Ecosystem has witnessed staggering interest from the crypto community, evident from its surge in activity. This was instigated by an influx of celebrity-led memecoins. But the altcoin, SOL, failed to pick up the momentum from the frenzy.  

The token, in the past 24 hours, has shown a brief uptick of 0.20%. During the intra-day trading, SOL marked its 24-hour-low of $131.99, according to CMC data . At the time of writing, it traded at $137.53. 

Meanwhile, the L2 altcoin’s daily trading volume exhibited a decrease of 13%. Since the past weeks, the SOL price has struggled to break the resistance level at $140K. 

Where is Solana Price Headed? 

Solana, in the past week, has shown a price decline of 6.84% sliding from a weekly high of $161.51 to the aforementioned weekly low. Over the month, the price has plummeted by 18.15%. However, in the same month, SOL inched closer to $200 raising expectations for surpassing the mark. 

Will Solana (SOL) Break Resistance at $140 or Dip Further? image 0 SOL/USDT Daily Price Chart (Source: TradingView )

According to TradingView data , the daily RSI of Solana stands at 36.81, indicating that the altcoin is leaning toward a slight sell zone. Additionally, the short-term 9-day MA also stands above the current trading price highlighting the bearish trend. SOL has failed to surpass the $140 level depicting the struggles to break resistance levels. 

However, analysts have predicted that Solana will price rise in the current surge in memecoin activity . TheNewsCrypto analysts have predicted a bullish price of $342 for SOL by the end of 2024.