Is a Price Wave About to Hit?

• Solana spiked over 2%, trading at $209.
• SOL recorded $17.12M in 24-hour liquidations.

With the mixed signals lingering in the crypto market, many of the assets are trapped in a bearish hold, and some are attempting to escape. Notably, the overall market sentiment is in the neutral zone, as the Fear and Greed index value holds at 42. Among the altcoins, Solana (SOL) is attempting to stage a recovery. 

SOL opened the day trading at around $202, and the bearish pressure pulled the price back to a low range of $197.92. Later, the bulls stepped in and sent the altcoin price to a high of $211.71. According to the CMC data, the asset has registered a spike of over 2.91%. Solana is currently trading at the $209.12 level. 

Additionally, the market cap has reached $112.96 billion, with SOL’s daily trading volume having increased by over 35.95%, touching the $9.1 billion mark. Concurrently, the market has observed an event of $17.12 million worth of Solana liquidation over the past 24 hours, as reported by the Coinglass data. 

Is Solana Headed for New Highs?

Solana’s Moving Average Convergence Divergence (MACD) line is settled above the zero line. It indicates the bullish pace, and the price is moving upward. But the signal line is touching the zero line, suggesting that the momentum may be stabilising, with the trend still leaning positive. 

Besides, the Chaikin Money Flow (CMF) indicator is positioned at 0.05, implying mild buying pressure in the market. With this value, the money flow is entering the asset, showing accumulation. The broader sentiment of Solana is slightly bullish, but not strongly decisive. 

Assuming the SOL bulls strengthen, the price might rise and test the immediate resistance at the $209.22 range. If the upside correction of the asset continues, the golden cross could take place and trigger the price toward $209.32. On the downside, upon the bears entering, the Solana price might find support at $209.02. A bearish correction could potentially push for the death cross to unfold and extend the losses to its former low at the $208.92 mark.

Moreover, the daily Relative Strength Index (RSI) is found at 60.10, signalling a moderate bullish sentiment, with the price strength tilting upward. SOL still has room for upward movement. Solana’s Bull Bear Power (BBP) reading of 9.92 is a positive value, and the bulls are stronger than the bears. It hints that additional strength may pressurise the trend.

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