Can Solana (SOL) Ride the Wave Toward a New Peak?

• Solana trades at $153 after a 3% spike.
• Trading volume has surged by over 130%.

The crypto market has been swinging between red and green candlesticks for the last few days. Currently, the market cap is resting at $3.36 trillion after a brief spike. Major assets are attempting to recover, and are moderately charted in green. 

Particularly, Solana (SOL) has gained by over 3.46%, breaking the nearby resistance and triggering the price to move up. The altcoin opened the trading day within the low range of $147.96, and eventually, with the bullish shift, a series of ups and downs were formed, reaching its daily high of $153.39. 

At the time of writing, Solana trades at around $153, with its market cap at $81.94 billion. Besides, the daily trading volume has increased by over 130%, resting at $3.47 billion. As per Coinglass data, the market has witnessed a liquidation of $9.12 million worth of Solana in the last 24 hours. 

Will SOL Stay Strong or Lose Steam?

The four-hour technical chart of SOL reports that the Moving Average Convergence Divergence (MACD) line has been settled above the signal line, which is a bullish sign. However, the signal line is just above the zero line; the overall strength of the uptrend is in the early stage. Notably, the Chaikin Money Flow (CMF) indicator at 0.06 infers buying pressure in the market. Also, the capital is flowing into the asset, supporting the upward momentum. 

In addition, the ongoing market sentiment is bullish, with the asset in a healthy uptrend, and there is room for further upside, as the daily Relative Strength Index (RSI) sits at 61.08. Solana’s Bull Bear Power (BBP) reading of 3.64 signals that the bulls are firmly in control, a potential signal for continued price strength. 

Assuming SOL’s steady upward price action, it could test the nearby resistance at the range of $153.11. If the altcoin’s bullish momentum persists, the price might bounce up to the $153.23 level. These levels play a crucial role in securing its price, and there are chances for the golden cross to unfold. 

On the downside, if the altcoin bears took control, the price might slip and find the immediate $152.89 support. Upon breaking down further, the Solana price could likely revisit its former lows between $152.84 and $152.70. The potent bears may trigger more losses with the emergence of a death cross.