As Bullish Momentum Builds, Is Solana (SOL) Ready to Reclaim Higher Ground?
- Solana is trading within the $155 range.
- SOLs daily trading volume has surged by over 91%.
The crypto markets sudden recovery, followed by the Federal Reserves decision and Trumps major trade deal announcement, has pushed the major assets into the green zone. The global crypto market cap is currently around $3.09 trillion, after a 3.14% surge.
Among the assets, Solana (SOL) has steadily gained 5.60% over the last day. This recovery of Solana from the bearish hold emerges after a series of resistance tests. In the early hours, the asset traded at a low of $144.88, and the bullish command has triggered SOL reaching toward $155.42.
At press time, Solana traded within the $155 range, with the daily trading volume surging by over 91.10%, reaching $5.54 billion. Furthermore, the Solana market has witnessed a 24-hour liquidation of $13.14 million, as per Coinglass data.
Can Solana Keep Riding the Bull Wave?
The four-hour price graph of Solana reveals an uptrend that might gradually form a golden cross. The assets price could mount to $158.66. A potential uptrend may eye its subsequent resistance at around the $165 range.
Contrarily, if the bears took control, the price might slip to the support zone at the $149.73 level. With a sturdy downside correction, breaking below the initial support could pave the way for a deeper slide to the crucial $143 zone.
The Moving Average Convergence Divergence (MACD) line of Solana has crossed over the signal line. This indicates a crossover of bulls, with the possibility of a continued uptrend. Besides, the Chaikin Money Flow (CMF) indicator found at 0.16 suggests moderate buying pressure in the market, and the capital is flowing into the asset.
The daily relative strength index (RSI) value is resting at 69.11. It implies that Solana is approaching overbought territory, hinting at a breakout or reversal. Moreover, SOLs Bull Bear Power (BBP) value of 11.23 signals a strong bullish command, and there may be a potential upside if the strength persists.
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Read more: https://thenewscrypto.com/as-bullish-momentum-builds-is-solana-sol-ready-to-reclaim-higher-ground/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
