- Solana is starting to recover after a weak start to the week.
- SOL traders remain cautious as the price has yet to stabilize.
Solana [SOL] saw a series of declines at the end of last week, and this downward trend continued into the beginning of the current week. However, attempts appear to have been made to initiate a recovery during this week.
The question is to what extent have these recovery efforts been successful?
Solana’s recovery quest
A review of Solana’s price performance showed a significant decline early in the week of January 22, with a drop of almost 8%.
This decline marked the culmination of consecutive declines that SOL had experienced since January 18, when it suffered a decline of approximately 7.5%.
After the almost 8% drop on January 22, she has made efforts to initiate a recovery.
Source: trading view
The chart showed that Solana has experienced more upward trends in recent days, reaching its highest point on January 26. By the end of trading on January 26, Solana had risen more than 6% to above $92.
However, at the time of writing, the uptrend has paused, with a slight decline observed, and SOL was trading around $91.8.
Furthermore, the recent days of uptrends have had a positive impact on Solana’s Relative Strength Index (RSI), positioning it at the neutral line according to the current analysis. This suggests that the bear trend is weakening as the price undergoes a recovery.
Traders are still keeping their cards close
A study of the Solana financing rate Mint glass indicates a lack of significant movement in recent days.
It is striking, however, that the coverage ratio has remained consistently positive. This implies that buyers will continue to dominate, albeit with a less aggressive attitude. According to the current analysis, the financing rate was around 0.01.
Moreover, a survey by Open Interest shows a similar lack of substantial movement. At the time of writing this article, Open Interest is approximately $1.2 billion, indicating a relatively stable situation in this aspect of the market.
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Solana holds him on the NFT front
The Solana Network and its token have attracted attention, mainly due to their performance in the NFT space. An examination of NFT sales volume data on Crypto Slam showed that Solana achieved the third highest NFT sales volume in the past 24 hours.
At the time of writing this article, sales volume exceeded 6 million. Further analysis of the past seven days also places Solana at the third highest volume, with almost $52 million.