- After a 7% surge, Solana is hovering around $239.
- Daily trading volume has jumped by over 36%.
With the 1.60% spike, the market cap has jumped to $4.02 trillion. The crypto tokens are painted in green, triggering the price to reclaim the recent highs, including the largest assets, like Bitcoin and Ethereum, which are hovering on the upside. The fear and greed index value rests at 50, reflecting the neutral sentiment in the market.
Among the altcoins, Solana (SOL) has registered a steady jump of over 7.71% in the last 24 hours. The asset kicked off the day trading at the bottom level of $222.03, and with the bullish turn in the market, the SOL price has moved up to a high of $239.25, after testing the key resistance zones between $222.09 and $239.19.
At the time of writing, Solana traded within the $239.19 range, with its market cap reaching $129.26 billion. Moreover, the daily trading volume has surged by over 36.14%, touching the $3.53 billion mark. As reported by the Coinglass data, the Solana market has observed a 24-hour liquidation of $48.04 million.
Will SOL Maintain Its Recent Gains?
Solana’s technical analysis exhibits that the Moving Average Convergence Divergence (MACD) line has crossed above the signal line. This crossover points out that the momentum is shifting upward, and the price may continue to rise. In addition, the Chaikin Money Flow (CMF) indicator of SOL settled at around 0.29, suggesting a solid buying pressure in the market. This value hints that the capital is flowing into the asset.
With the bullish shift, the price of Solana could rise and hit the immediate resistance at the $239.29 range. A steady correction on the upside might trigger the golden cross to unfold, and push it to its former highs above $239.39. On the downside, assuming the bears appear in the market, the price could slip and test the support at $239.09. A breakdown below this level might push out the death cross, driving the Solana price below $238.99.
Moreover, the daily Relative Strength Index (RSI) of SOL found at 79.88 is very high, signalling that it may overheat. Notably, a pullback or correction could follow if momentum cools. Solana’s Bull Bear Power (BBP) reading of 20.46 implies the bullish pressure is clearly stronger than the bearish pressure. This positive value shows that the buyers are pushing the price above.
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Source: https://thenewscrypto.com/after-flying-7-will-solana-sol-keep-soaring-or-glide-back-down/