Solana’s price remains stable near $174, with over $18.58 million worth of SOL liquidated recently. The broader crypto market cap has reached a record $3.32 trillion, and the fear and greed index currently sits at 71, reflecting increased market optimism. While the asset experiences fluctuations between losses and gains, Solana (SOL) has seen a modest decline of over 1.18%.
Initial trading showed high volatility with Solana briefly breaking past $180 before experiencing a bearish correction driven by key resistance levels at $172.66 and $178.12. Solana’s daily trading volume surged by over 18.55%, reaching $5.61 billion, and coinglass data shows a notable SOL liquidation of over $18.58 million.
Recent developments show increased retail interest in Solana with the number of wallets holding at least 0.1 SOL hitting 11.04 million, a sign of growing adoption, according to Ali Charts. The past week has seen Solana register a strong gain of over 21.37%.
However, current trading patterns indicate a bearish trend with the price failing to break through resistance at $176. If this occurs, bears may intensify and potentially trigger a death cross. On the other hand, continued bullish momentum could push prices above $177, possibly reaching a high of $181 and initiating a sustained upward trend.
Analysis points to a bearish MACD line indicating declining momentum and selling pressure. This is further supported by the negative Chaikin Money Flow (CMF) value at -0.19, suggesting outflow. Although the daily RSI at 55.97 is neutral, indicating neither overbought nor oversold conditions, the Bull Bear Power (BBP) at 0.39 highlights that current bulls are in control but lack significant momentum to drive a full rally.