- Solana is trading around the $167 mark.
- SOL’s trading volume is up by over 27%.
With the Fear and Greed Index at around 55, the market sentiment falls under the neutral territory. All the major assets are stuck between both green and red flags. Turning around the altcoins, Solana (SOL) has posted a spike of over 2.24% in the last 24 hours.
In the early hours, Solana traded at a low of $161.75. Gradually, with brief bullish control over the asset, the price hit a high of $171.37. SOL has broken through key resistance, ranging between $161.80 and $171.31. At the time of writing, Solana traded within the $167.58 mark, according to CMC data.
SOL’s market cap has reached $90.25 billion, with its daily trading volume increased by over 27.53%, touching the $5.35 billion level. As reported by Coinglass data, the market has experienced $17.58 million worth of Solana liquidations in this period.
Notably, a whale with wallet address 8rWuQ5 withdrew 71,000 SOL, worth around $12 million, from Binance. The funds were transferred to Kamino, a DeFi platform on Solana.
Can Solana Ignite a Bullish Surge Soon?
Solana’s Moving Average Convergence Divergence line and signal line are below the zero line, which indicates overall bearish momentum. However, the MACD is moving toward the zero line, the bearish pressure is weakening, and a bullish crossover might form. Besides, the asset’s Chaikin Money Flow (CMF) indicator value found at 0.01 suggests a marginal buying pressure. While it is not a strong bullish signal, the accumulation is briefly outweighing the distribution.
The daily Relative Strength Index (RSI) of SOL is at 51.97, signalling a neutral sentiment in the market — neither overbought nor oversold. Moreover, the Bull Bear Power (BBP) value of 5.33 signals that the bulls are currently in control, showing upward pressure in the market.
The asset’s bearish pattern, with the red candles, and the price could retrace toward the $167.52 level. The potent bears might strengthen and trigger the SOL price nosedive to $167.46. On the upside, with the asset’s bullish shift, the price might climb toward the $167.64 range. Solana bulls could lead the gateway to the price to hit $167.70.
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