Can Solana Rip Past $190 Before the Market Takes a Side?

• Solana is currently trading in the $184 zone.
• The SOL market experienced a $16.79M liquidation.

The in-process sentiment of the cryptocurrency market is uncertain, with both red and green lights flashing across the board. With the neutral wind blowing, the assets would move either way. The largest assets, like Bitcoin (BTC) and Ethereum (ETH), are trading at $113.3K and $4.2K, respectively. Among the altcoin pack, Solana (SOL) has posted a 2.19% uptick.

Despite a steady surge, SOL is grappling to enter the bullish territory, moving sideways. The asset opened the trading day at a low of $177.96. With the bulls taking command, the price has moved up toward a high of $189.40. The positive outlook of the altcoin broke the crucial resistance zone between $178.02 and $189.34. 

According to CMC data, Solana is currently trading at around the $184.64 level, with the market cap reaching $99.78 billion. Meanwhile, the daily trading volume has surged by over 17.29%, to $6.65 billion. In addition, the market has witnessed a 24-hour liquidation event of $16.79 million worth of SOL, as per Coinglass data.

Will Solana Gain Ground?

The Moving Average Convergence Divergence and signal lines of Solana are located below the zero line, indicating the active bear hold. If the MACD line is rising and crossing over the zero, it hints at a potential trend shift toward the bullish territory. 

Besides, the Chaikin Money Flow (CMF) indicator found at 0.06 is slightly positive. It suggests a mild buying pressure in the market, with the money flowing into the asset. Notably, the SOL momentum is weak and could likely swing either way. 

Assuming the bearish trajectory of Solana strengthens, it could drive the price down to its immediate support range at $184.58. Further downside correction might push the death cross to unfold and the price to slip even lower toward the $184.52 level.

On the flip side, if SOL bulls step in, the price might move up to test the potential resistance at $184.70. As the upside correction intensifies, the golden cross may take place, and the bulls help to find the subsequent resistance at the $184.76 mark.

Moreover, the altcoin is in the neutral zone in the market, as the daily Relative Strength Index (RSI) value is positioned at 53.11. It is neither overbought nor oversold, signalling a consolidation phase. Solana’s Bull Bear Power (BBP) reading of 3.80 implies that the buyers have the upper hand and the price may be pushed above, showing bullish pressure.

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