Solana pretends to rise, then 'pauses' again... $82 range becomes a test for buying pressure

▲ Solana (SOL)

Solana (SOL) is fluctuating around the $82 range without finding direction, trapped in a short-term tug-of-war between the $81.34 support line and the $83.17 resistance line.

According to CoinMarketCap's real-time chart on June 1, Solana is trading at $82.55, down 0.43% in the last 24 hours. The price has moved between a 24-hour low of $81.34 and a high of $83.17, showing limited fluctuations without a clear further rise after entering the $83 range.

Market capitalization decreased by 0.4% to $47.76 billion, while 24-hour trading volume increased by 3.39% to $2.3 billion. Although the price showed weakness, the trading volume increased, indicating a simultaneous clash between selling pressure and low-price buying pressure around the $82 mark. The trading volume to market capitalization ratio was recorded at 4.83%.

The short-term key observation point is whether the $81.34 level can be defended. If Solana maintains the early $81 range, it can attempt to re-break the $83.17 level. Conversely, if it falls below $81.34, the expectation of support around $82 weakens, and additional short-term profit-taking may occur.

Supply indicators show a total supply of 627.52 million SOL and a circulating supply of 578.571 million SOL. The fully diluted valuation (FDV) is $51.8 billion, which is higher than the market capitalization. As there is still a difference between the circulating supply and total supply, the short-term price trend may be more heavily influenced by whether actual buying pressure can absorb the $83 resistance, rather than just an increase in trading volume.

The gap with the long-term high also remains large. Solana's all-time high was $294.33 recorded on January 19, 2025, and the current price is 71.95% lower than that high. The all-time low was $0.5052 recorded on May 11, 2020, and the current price is 16,240.3% higher than that low. In the short term, breaking $83.17 could signal a resumption of the rebound, while a break below $81.34 could act as a signal of increased bearish pressure.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*