- Solana is up by over 5%, trading near the $196 mark.
- SOL’s trading volume has surged by more than 103%.
The sudden fall in the crypto market has pushed the assets into their bearish phase. Assets like Bitcoin (BTC) and Ethereum (ETH) are hovering at $117.2K and $3.6K. All other assets have been lit with the red candlesticks. Among the pack of altcoins, Solana (SOL) has registered a gain of over 5.05% in the last 24 hours.
SOL has been testing a series of key support and resistance levels for a steady recovery. The asset opened the day trading at a low level of $185.22, and with the bullish shift in the SOL market, multiple key resistance levels were broken between $185.27 and $204.28, and climbed to a high range of $204.33.
According to CMC data, as of this writing, Solana traded within the $196.41 zone, with its market cap at $105.57 billion. Meanwhile, the daily trading volume of SOL has surged by over 103%, reaching $14.01 billion. It is crucial to note that the market has witnessed a liquidation of $41.41 million worth of Solana in the last 24 hours, as reported by Coinglass data.
Solana on the Edge: Ready to Fly or Fall?
The Moving Average Convergence Divergence (MACD) line of Solana is lying over the signal line, which hints that the bullish momentum is gaining more strength and the asset may be entering an uptrend. In addition, the Chaikin Money Flow (CMF) indicator value found at 0.26 implies strong buying pressure in the market, and the positive money flow into the asset shows significant accumulation as a bullish sign.
Assuming SOL climbs above $196.47, it could target a resistance above the $196.54 range. Further push beyond this mark might trigger the golden cross formation, and the altcoin price may see more gains. If Solana’s price sharply falls, it could test the immediate support at the $196.34 level. An extended bearish correction might initiate the emergence of a death cross, sending the price to its low at $196.27.
Moreover, the Bull Bear Power (BBP) reading of 13.68 indicates a strong bullish upper hand in the market, with the buyers pushing prices above. SOL’s daily Relative Strength Index (RSI) settled at 70.14, suggesting its overbought zone. Also, this bullish signal shows that the asset is due for a price correction or pullback.
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