Solana Price Prediction as Stablecoin Transfers Hit Monthly Record of $300 Billion – SOL Adoption Rising?
The Solana price has dropped by 6% in the past 24 hours, slipping to $87.69 as the cryptocurrency market as a whole falls by 2.5% today.
After having a very strong December, SOL is now down by 8% in a week and by 8.5% in the last 30 days.
However, the altcoin – the fifth-biggest cryptocurrency by market cap – remains up by an impressive 250% in a year.
And with stablecoin transfers on the Solana blockchain already passing $300 billion in total this month, it seems that rising adoption will help the SOL price rise again soon.
It definitely seems like SOL is in the middle of a medium-term correction, and may fall further before righting itself.
Its relative strength index (purple) has dropped from 50 last week to nearly 40 today, while it’s also down from 80 as recently as the end of December.
This signifies a loss of momentum and growing selling pressure, as does SOL’s 30-day average (yellow), which is beginning to flatten out.
Just as tellingly, the Solana price has actually just dropped below the 30-day average, a classic indicator of a bearish turn.
And it’s possible that both the current price and the 30-day will fall towards the 200-day average (blue), meaning that further losses are to come in the next few weeks.
Indeed, last night’s drop has pushed SOL’s current support level (green) significantly lower than it had been in recent weeks.
It’s also significant that the coin’s trading volume is falling away, down from $5 billion around Christmas to about $1.2 billion today.
This indicates a loss of interest in the token, with few big transfers or buys involving whales in recent days.
However, it’s arguable that SOL is losing simply because recent buyers have decided to take profits following the recent Bitcoin ETF-related spike,
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