Solana (SOL) is currently hovering around the $142 mark after a significant price surge. Trading volume has surged by over 18% with the broader crypto market experiencing a 3.03% uptick amidst extreme fear sentiment. Despite fluctuations, SOL has managed to post a notable 3.09% gain against the market’s bearish wave. 📈
Early trading saw a bottom-range of $135.63 before a brief bullish momentum pushed prices to a daily high of $144.47. This break above resistance levels between $136 and $143 fueled further gains.
With Solana’s market cap standing at $80.14 billion, the trading volume has reached an impressive $5.39 billion after surging 18.59%. Coinglass data reveals a hefty $16.14 million worth of Solana liquidations in the past 24 hours.
Will this momentum propel SOL into a bullish phase?
The chart suggests a positive outlook, with green candles pointing to potential gains. Crossing the $145.32 resistance could trigger a death cross, potentially pushing prices towards its recent high of around $148.67.
On the flip side, a bearish reversal might see SOL steadily fall toward support levels at $139.48. A significant correction could trigger a death cross, leading to losses and potentially dipping below $136.85. 📉
SOL’s Moving Average Convergence Divergence (MACD) line sits above the signal line, showcasing a strengthening bullish momentum as the MACD line surpasses the signal line. This upward trend signifies improving market sentiment.
Positive buying pressure has been indicated by the Chaikin Money Flow (CMF) at 0.12, suggesting moderate accumulation.
The RSI for Solana stands at 62.65, indicating a healthy bullish zone with room for further gains before reaching overbought territory. Finally, the BBP value of 6.59 suggests strong bullish dominance and potential for continued upward movement.