Solana (SOL), the cryptocurrency that powers Solana’s high-performance smart-contract-enabled blockchain, saw an impressive $830 million in trading volumes on Thursday, according to data presented by crypto analytics platform Token Terminal. That was the second-highest daily trading volume in two weeks, with only Wednesday (the 15th of February) clocking in ahead with volumes of $850 million.
The uptick in trading volumes comes with Solana having whipsawed either side of its 21-Day Moving Average (DMA) at $23.0. The cryptocurrency was last trading around $22.8 per token on Friday, up around 2.5% on the day, but down around 5% versus Thursday’s weekly highs above $24.0. Solana has not this week been able to match the feats achieved by its major rivals Bitcoin and Ethereum.
Bitcoin on Thursday managed to hit new eight-month highs in the $25,000s while Ethereum managed to hit its highest levels since last September in the $1,700s. Both have since backed off from these highs. Solana, meanwhile, has not been able to muster a test of its recent highs in the $26.00s, after failing to break convincingly above its 21DMA and amid selling pressure ahead of its 200DMA, which is now at $25.24.
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