However, despite the price fall, trading volume has risen by 41.9% to reach $8 billion. Market analysts describe this surge in volume as a reflection of strong market interest and active participation from buyers.

Analyzing Solana Market Data

Data from CoinGlass shows trading volume rose by 39.17% to $25.07 billion, while open interest also climbed 0.24% to $8.88 billion.

For crypto analyst BullishBanter, Solana is currently trading at a key support level. While the altcoin stabilizes at its lower trendline at equal lows, there’s a sign of a major defense position for buyers.

For market observers, this support level is critical for determining Solana’s short-term price action. Should Solana lose this level, further dips could follow. However, if Solana rises above the current support level, analysts expect the price to increase to within the $187-$198 range.

Another analyst, BitGuru, pointed out that while Solana is in a downtrend, it is holding well above the $180 support mark. Clearly, buyers are stepping in at this level, and a Solana break above $195 could drive its price into the $210-$220 zone.

Can Solana Price Rise to $400?

These reports indicate that the broader market structure for Solana remains bearish, with consistent lower highs since the rejection at the $200 mark.

Source: CoinGecko

If Solana doesn’t record a decisive daily close above the 200 EMA with substantial volume, any uptick would likely be a temporary correction. SOL holders are watching closely to see if it retains the $180 support level or breaks in the coming days.

New PayFi Sensation Grows in Momentum and Institutional Demand

Leaving legacy networks, savvy market analysts are increasingly backing innovative payment protocols like Remittix. While selling for $0.1166, this project raised over $27.7 million in funding backed by institutional investment and sold more than 679.8 million of its RTX tokens to early buyers.

CertiK has verified the Remittix team and smart contracts, ranking it #1 on the global list for Pre-Launch Tokens on CertiK Skynet. This feat is a significant endorsement of its technology and transparency.

Its 15% USDT referral program is also rewarding users who bring in new participants globally. Add this to institutional backing, and you will understand why market observers support Remittix’s steady expansion as an early indicator of strong profit potential.

Discover the future of PayFi with Remittix by checking out their project here:

Website: https://remittix.io/ 

Socials: https://linktr.ee/remittix

$250,000 Giveaway: https://gleam.io/competitions/nz84L-250000-remittix-giveaway

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