Solana Price Action: Are Bulls Ready to Overcome Market Uncertainty?
- Solana is hovering around the $144 level.
- SOLs daily trading volume has surged by over 13%.
The crypto market caps brief pullback has pushed down to reach $2.95 trillion. With the fear and greed index value holding at around 49, the market sentiment falls under the neutral zone. The major assets fluctuate between losses and gains, while Solana (SOL) has posted a loss of over 0.65%.
In the early hours, Solana traded at a high of $147.68 with brief bullish pressure. Eventually, the bears initiated a downside correction, hitting a daily low of $142.90. At the time of writing, Solana traded within the $144.54 range, with the market cap reaching $74.9 billion.
Notably, SOLs daily trading volume has increased by over 13.66%, touching $1.81 billion. Furthermore, the market has experienced $9.23 million worth of SOL liquidations in this span, as per Coinglass data.
Over the past seven days, Solana has faced a loss of 5.22%. The weekly low is found at around $141. The brief bullish command has sent the price to a weekly high in the range of $153.
Can Solana Shift to Bullish Momentum?
The price chart of SOL is in a bearish pattern, with the red candle lit up. Assuming the assets price could not climb above $146, the potent bears could wake and trigger it to fall back to 139.66. Further downside might invite the death cross.
On the upside, with the asset reflecting a bullish signal, the price might move up toward the $149.84 range. In the case of a golden cross formation, Solana could lead the price to hit $156, commencing an uptrend for more gains.
SOLs MACD line and signal line are settled below the zero line, implying a mighty bearish momentum, with the potential for a steady downtrend. Besides, the assets CMF value, positioned at -0.23, is pointing out that the money is flowing out of the asset. If sustained, it could confirm declining price and volume.
The RSI of 42.32 indicates that the asset is in neutral to slightly bearish territory in the market. Moreover, the BBP value found at -1.43 suggests that the bears are dominant in the market. The further below zero, the stronger the bearish momentum.
Read more: https://thenewscrypto.com/solana-price-action-are-bulls-ready-to-overcome-market-uncertainty/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
