Solana Maintains Upward Trajectory Despite Wide Market Downturn

Solana ($SOL) is experiencing continuous upward price movement irrespective of the current bearish market momentum. The market data discloses that Solana ($SOL) has surged by 1.07% over 24 hours, denoting the investor confidence amid the dips in the prices of the other notable crypto assets.

In this respect, the positive outlook of the popular crypto coin signifies the potential for additional upswings. Keeping this in view, the optimism around Solana places it among prominent favored crypto assets.

Solana ($SOL) Records Price Uptick Despite Slight Volume Dip

At the moment, Solana ($SOL) is changing hands at $180.76. This price level indicates an increase of 1.07% over the past twenty-four hours. At the same time, the market capitalization of the crypto asset has surged by 1.09%, reaching the $97.64B mark. However, when it comes to 24-hour volume, Solana ($SOL) is 2% down, accounting for $5.64B.

However, the price performance of Solana ($SOL) highlights a gradual upward movement. Hence, $182.92 serves as the immediate price resistance level. On the other hand, $176.11 operates as its immediate support level in the case of a further decline.

Overall, the healthy price movement suggests the continuation of the ongoing price upswing amid the market fluctuations.

Coinbase’s $SOL Derivative Offering Boosts Solana’s Market Position

A noteworthy factor behind Solana’s positive price outlook is the recent launch of U.S.-regulated $SOL perpetual futures by the top crypto exchange Coinbase . With this move, crypto exchange is driving the regulated derivative markets to bolster institutional participation and liquidity for $SOL, assisting in the maintenance of the asset’s market position.

Moreover, the development highlights a broader trend in the market, where top exchanges are competing to offer more sophisticated trading instruments. Keeping this in view, Solana ($SOL) is continuously getting traction across the market.

This is also reflected in its price, which is moving gradually upward. Nevertheless, whether the present bullish momentum sustains or leads to a comprehensive consolidation remains to be seen over the next few days, with significant changes likely to occur soon, potentially resulting in a substantial leg up.