Is Solana (SOL) Ready for Liftoff? Bulls Battle Mixed Market Sentiment
- Solana is trading around the $150 range.
- SOLs daily trading volume has surged by over 57%.
The crypto market cap has a brief spike of 1.28%, reaching $2.99 trillion, with the fear and greed index value holding steady at around 51. Major assets are fluctuating between losses and gains. Meanwhile, Solana (SOL) has registered a moderate gain of 2.02%.
At the time of writing, Solana traded within the $150.85 range, with the market cap reaching $78.08 billion. Notably, the assets daily trading volume has surged by 57.49%, touching $3.08 billion. Furthermore, the market experienced $9.02 million worth of SOL liquidations in this span.
Solana opened the day at around $148, and the asset then traded at a daily low of $144.89. After the brief wave of bulls, the price rose to a high of $153.21, breaking the key resistance at $148.73.
Over the past seven days, Solana has recorded a 9.17% gain. It began trading at its weekly low of around $134. The bulls came in command, sending the price to a weekly high at the range of $155.
A cup and handle pattern points out a potential bullish trend. It starts with a rounded bottom and is followed by a consolidation phase. For Solana, this pattern suggests that after a period of decline or consolidation, the price could break out upward.
Can Solana Break Into Bullish Territory?
Solans price chart reports a negative trading pattern, with the red candle having formed. Assuming the asset failed to mount above $153, the bears could enter and pull back the price to 147.21. Also, it may invite the death cross for more downside correction.
Contrarily, the green graph of the asset reflects a bullish signal. The emerging bulls of Solana could send the price toward the $158 range. If a golden cross formed, it might lead the altcoin to hit $165.47, kickstarting an uptrend for more gains.
The MACD line is settled below the signal line, indicating a bearish sentiment and an incoming downward price action. Besides, the CMF value of SOL at 0.02 suggests a slight positive inflow and buying pressure in the market.
SOLs RSI of 57.32 signals that the asset is in neutral territory, with no immediate indication of a reversal in price. The BBP reading of 2.73 hints that the bulls have a mild advantage in the market. Check the Solana (SOL) Price Prediction 2025, 2026-2030 for more in-depth analysis of SOLs price action.
Read more: https://thenewscrypto.com/is-solana-sol-ready-for-liftoff-bulls-battle-mixed-market-sentiment/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
