- Solana climbed to $176 after a 5% jump.
- SOL’s trading volume has surged by over 40%.
The crypto market is continuing its recovery attempts with brief spikes, letting the mixed sentiment spread across the assets. The largest asset, Bitcoin (BTC), trades at around $118.2K, while the largest altcoin, Ethereum (ETH), hovers within the $3.4K range. Among the pack of altcoins, the Solana (SOL) price has exhibited a series of upticks, declines, and key retests.
SOL bounced between support and resistance levels and visited its daily low at $166.02. With the bullish command, the price has broken through crucial levels between $166.10 and $177.98, reaching a high of $178.07, as per CoinMarketCap data. Notably, Solana has recorded a gain of over 5.95%, and the altcoin currently trades at around $176.03.
The market cap of the asset likely stays at $94.41 billion, with the daily trading volume of SOL having surged by over 40.86%, reaching the $9.31 billion mark. In addition, the market has witnessed a 24-hour liquidation of $24.18 million worth of Solana, within this interval, as reported by Coinglass data.
Is Solana Gearing Up for Another Surge?
The four-hour trading pattern unveils Solana’s bullish presence. A jump toward the $176.11 level might push the price to target its crucial resistance above. Overcoming this range could lead the way for the altcoin to potentially climb to the $176.22 mark. On the downside, assuming an active downtrend forms, the SOL price could steeply fall and bring in a test of the support at $175.95. A plunge below this range might strengthen the bears, accelerate losses, sending the price below the $175.83 mark.
Solana’s technical chart analysis demonstrates the uptrend, with the Moving Average Convergence Divergence (MACD) line found above the signal line. This implies the bullish crossover, and the price of the asset may continue to move up. Moreover, the Chaikin Money Flow (CMF) indicator value at 0.09 confirms that the inflows are more than the outflows. Also, the market has moderate buying pressure.
Furthermore, the Bull Bear Power (BBP) reading of 12.72 indicates that the bulls are dominant, which supports the positive sentiment. SOL’s current market sentiment is bullish as the daily Relative Strength Index (RSI) stays at 68.90. The asset might be nearing the overbought territory within the market.
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