Solana Faces Brief Correction After Failing to Clear Above $80

• At the time of writing, SOL is trading at $75.31, down 1.14% in the last 24 hours.
• If the price manages to go past $77.3 level, then it will likely test $79.2 resistance level.

Since the price of Solana’s memecoin Bonk (BONK) skyrocketed, the crypto community has been purchasing Solana’s Saga phone at a rapid pace. Solana co-founder Raj Gokal tweeted on December 15 that the company’s phone sales had jumped tenfold in the last two days, putting them on track to sell out before the new year.

Since its launch on May 8, the Solana Saga phone has offered a free airdrop of 30 million BONK memecoins to new owners. The token’s recent price increase, however, presents an appealing arbitrage opportunity for buyers.

Arbitrum recorded transactions of $721 million, while Solana-based DEXes recorded transactions worth more than $912 million, according to statistics from DeFiLlama. Meanwhile, with over $1 billion in transactions, market leader Ethereum occupied the top spot. Solana saw a staggering 81% growth in DEX volumes over the previous week, reaching over $6 billion.

Bulls Striving Hard

At the time of writing, SOL is trading at $75.31, down 1.14% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is down 27.54%. Despite the correction, the SOL price is still up 21% in the last 30 days.

Source: CoinMarketCap

After facing severe intense selling pressure around the $77.4 mark, the price found support at $67.2 level on December 13. However, the bulls drove the price to make a failed attempt to clear above the $77.4 mark.

If the price manages to go past $77.4 level, then it will likely test $79.2 resistance level. On the other hand, if the price goes below $72.2 level, then it will likely decline further to test $67.2 support level.