- After a 5% gain, Solana is hovering around $158.
- Daily trading volume is up by over 75%.
- SOL has faced $13.73 million in liquidations.
Today, the crypto market kicked off on a recovery note, marking a surge of 4.09%, reaching $3.42 trillion. Followed by this, the fear and greed index reading is settled at 64, signifying greed in the market. All the major assets have jumped to their recent highs, with the largest assets, Bitcoin (BTC) and Ethereum (ETH), trading on the upside.
Among the altcoins, Solana (SOL) has registered a gain of over 5.30% in the last 24 hours. The bulls in command have triggered the asset to climb toward the high of $161.70 from its bottom range marked at the $149.84 level in the early hours. SOL has broken through the key resistance levels between the $151.26 and $160.55 zones.
With an 82.98 billion market cap, Solana currently trades within the $158.08 range. Also, the daily trading volume has increased by over 75.81% and has reached $3.83 billion. Furthermore, Solana has experienced a 24-hour liquidation of $13.73 million, as per Coinglass data.
Is Solana Gearing Up for More Gains?
The ongoing upward momentum could push the price to climb above the nearby resistance range of $161.47. The emerging bulls in the market might trigger the golden cross formation, which could cause the Solana price to test the subsequent resistance at the $165 zone. A breakout above this level may likely push the price up.
Contrarily, if Solana retraces to the crucial support at around the $155 mark. More corrections on the downside might likely push its price to the next support range at $151.43. Further breakdown of this level could trigger the altcoin’s death cross to unfold, expecting to see more downward movement.
Moreover, SOL’s Moving Average Convergence Divergence (MACD) line has crossed above the signal line. This generally indicates a bullish crossover with the potential of a continued uptrend in the market. Besides, the Chaikin Money Flow (CMF) indicator found at 0.18 suggests a moderate buying pressure in the market, reflecting positive money flow into the asset. The buyers are currently more active than the sellers.
The Bull Bear Power (BBP) value of Solana, positioned at 7.57, hints that the bulls have the upper hand, with the price showing upward strength. Additionally, the asset’s daily relative strength index (RSI) reading of 62.56 implies a moderate bullish momentum, with more room for the upside correction before hitting the overbought zone.
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