Can SOL Bulls Keep Charging and Hold Their Ground?

• Solana spiked 4%, currently trading at $212.
• SOL’s trading volume has jumped by more than 44%.

The crypto market turned the overall sentiment into a mixed signal, with a brief spike in market cap, reaching $3.91 trillion. In the Asian trading hours, the tokens are charted in both green and red, with the largest asset, Bitcoin (BTC), trading at $113K, while Ethereum (ETH), the largest altcoin, hovers at $4.5K. 

Among the pack of altcoins, Solana (SOL) has registered a 4.24% price gain over the last 24 hours. In the early hours, SOL traded at the bottom range of $201.13. Later, with the bullish pressure, the price rose to a high of $212.50, after testing and breaking the crucial resistance zones between $201.20 and $212.44. 

At press time, Solana is traded at the $212.48 mark, with the market capitalization reaching $114.67 billion. During this time, the daily trading volume has surged by over 44.04%, touching $12.7 billion. As reported by the Coinglass data, the market has experienced a 24-hour liquidation of $27.38 million worth of SOL. 

The Solana price action has recorded a surge of over 13.30% in the past seven days. The asset’s weekly low was noted at the $177 range. After multiple ups and downs, the price has steadily climbed to its highest, the current trading level. 

What is Next for Solana?

With Solana’s Moving Average Convergence Divergence (MACD) line settling over the signal line, it hints that the market momentum is leaning upward. A further rise in value may confirm an uptrend. In addition, the Chaikin Money Flow (CMF) indicator, which currently stands at -0.12, implies the presence of mild selling pressure in the market. Notably, the money is likely flowing out of the asset, showing bearish bias.

If the altcoin bulls gain enough strength, it might push the price up to a potential resistance level at $212.58. Solana’s extended upside trajectory could trigger the emergence of the golden cross, and the price would climb above $212.68. On the downside, SOL’s bearish correction could pull the price back to the $212.38 support range. Further losses might initiate the death cross formation, with the price heading below the $212.28 mark.

Moreover, the altcoin is in a moderate bullish phase in the market, as the daily Relative Strength Index (RSI) is found at 63.63. This signals a healthy upward momentum, with the room to climb high before hitting the overbought territory. Solana’s Bull Bear Power (BBP) reading of 12.17 shows an upward strength, indicating that the bulls are in control, which is pushing the price higher.

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