Solana Falls Below $70 Level Amidst Severe Selling Pressure

• At the time of writing, SOL is trading at $68.92, down 5.05% in the last 24 hours.
• If the price manages to go above $72.3 level, then it will likely surge further to test $73.7.

Solana Saga phone sales on eBay have recently reached $5,000, which is far more than the original retail price, indicating an exceptional spike in the market. 

The anticipated profitable airdrops in the future and the general uproar around BONK, a memecoin based on Solana, are the main factors propelling this demand and value boom. The Solana Saga phone wasn’t very popular at first. But then traders saw a chance for arbitrage, and the tables turned. 

In terms of overall DEX volume over the last day, DefiLlama data shows that Solana is getting closer to displacing Ethereum. During the last 24 hours, Ethereum amassed $945.32 million, whereas Solana recorded $940.78 million, placing second, according to the statistics. There was a weekly change of 37.10% for Solana and a decline of about 4.64% for Ethereum as of this writing.

Bears Continue Domination

Solana was unable to go higher and was rejected at the $78 resistance level. As SOL’s rising impetus is fading, bears seem to have taken the lead. After suffering many price drops, the Solana price broke below the critical $70 resistance level. In addition, the SOL token’s value has dropped by more than 5%, indicating that there is less demand for purchasing on the market.

Source: CoinMarketCap

At the time of writing, SOL is trading at $68.92, down 5.05% in the last 24 hours as per data from CoinMarketCap. Moreover, the trading volume is up 32.83. If the price manages to go above $72.3 level, then it will likely surge further to test $73.7 resistance level.