Solana (SOL) on the Verge: Can Bulls Break Free from the Bearish Chains?
- Solana remains steady near the $174 mark.
- Over $18.58 million worth of Solana has been liquidated.
The broader crypto market cap has reached $3.32 trillion, with the fear and greed index value holding steady at 71, reflecting greed sentiment in the market. Major assets fluctuate between losses and gains, while Solana (SOL) has posted a modest loss of over 1.18%.
In the early hours, Solana traded at a high range of $180.95 with a brief bullish pressure, breaking key resistances at $172.66 and $178.12. Later, the bears appeared and began their downside correction, hitting a daily low of $166.81. At the time of writing, Solana traded within the $174.04 range, with a market cap of $90.42 billion.
Notably, the daily trading volume of Solana has increased by over 18.55%, reaching $5.61 billion. Furthermore, the market has experienced an $18.58 million worth of SOL liquidations in this time span, as per Coinglass data.
Over the past two weeks, the number of wallets holding at least 0.1 Solana has jumped to 11.04 million, signaling growing retail interest and adoption, according to Ali charts.
Over the past seven days, Solana has recorded a solid gain of over 21.37%. The asset began trading the week at around $143 level. Gradually, the bullish pressure has sent the price to the current trading mark.
Can Solana Shift the Trend and Head Bullish?
The trading pattern of SOL is a bearish pattern, with the red light flashing. If the altcoins price fails to climb above $176, the bears could gain more strength and form the death cross. The steady downside correction triggers the asset to fall back toward the 167 range or even lower.
Contrarily, assuming the asset reflects a bullish signal, the price might immediately ascend and find the resistance at the $177 level. In the case of the bulls forming a golden cross, Solana could drive the price to hit a high of $181, initiating a sturdy uptrend for more gains.
SOLs Moving Average Convergence Divergence (MACD) line is below the signal line, implying a bearish momentum, with selling pressure. Also, the asset could continue its downtrend. Besides, the Chaikin Money Flow (CMF) value at -0.19 signals that the money is flowing out of the asset. It may be a sign of more downside.
Additionally, the daily Relative Strength Index (RSI) of 55.97 indicates that Solana is in neutral territory, neither overbought nor oversold. The assets Bull Bear Power (BBP) value found at 0.39 suggests that the bulls are currently in control of the market, but not strong enough to kickstart a rally.
Read more: https://thenewscrypto.com/solana-sol-on-the-verge-can-bulls-break-free-from-the-bearish-chains/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
