Solana Posts Strong Weekly Gains Despite Market Downturn
- Solana (SOL) has shown strong performance, climbing over 12% in the past week.
- The global crypto market faced selling pressure, leading to a 2% decline in market cap in the past 24 hours.
The crypto market has faced a wave of selling pressure, with many major digital assets slipping into the red over the last 24 hours, leading to a 2% dip in the total market cap. This week has been marked by sharp price swings, as Octobers rally began to lose steam and left bulls struggling to hold their ground.
Among the turmoil, however, a few altcoins have still managed to stand out, with Solana (SOL), TRON (TRX), and Uniswap (UNI) showcasing notable performances over the past week.
Solana has been one of the stronger performers despite the broader market correction. Over the past week, SOL surged more than 12%, hitting a high of $179 before pulling back to around $168.64 at the time of writing.
While it has retraced from a weekly high, this latest price shows a slight recovery from its intraday low of $160.04. The trading volume for SOL also jumped by over 44%, reaching a remarkable $44.95 billion, reflecting continued investor engagement.
Can Solana Overcome Short-Term Pressure
On the technical front, the current MACD setup for Solana, with the MACD line at 0.53 below the Signal line at 1.76 but both above the Zero line at -1.24, suggests a temporary dip in momentum within a broader uptrend. This setup indicates that while Solana may experience short-term bearish pressure, the overall trend remains positive, potentially signaling consolidation before another upward move.
Next the Relative Strength Index (RSI) at 58.25, SOL is in a neutral-to-slightly-bullish zone, suggesting moderate buying interest and the potential for further gains if demand picks up.
Key support for Solana is currently around $155, and if it breaks through the $180 resistance, it could set its sights on reaching $193 or even $220. While there may be some short-term pressure, the long-term outlook for SOL appears strong.
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Read more: https://thenewscrypto.com/solana-posts-strong-weekly-gains-despite-market-downturn/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
