Will Solana (SOL) Defy Market Uncertainty and Launch a Strong Breakout in the Coming Week?
- Solana is holding steady near the $142 mark.
- 24-hour liquidations have reached $13.86 million.
With the neutral sentiment in the crypto market, the major assets have been painted in red. The largest assets, like Bitcoin (BTC) and Ethereum (ETH), are trading on the downside, at $107K and $2.4K. Among the altcoins, Solana (SOL) has been extending its recent downward streak, failing to make a move above $150.
As bears are dominating, SOL has a modest drop of over 1.03% in the last 24 hours. Notably, the asset kicked off the day trading at a high of $144.19. Later, the bearish shift in the market has pushed the price down to its daily low of $137.79. Upon a sturdy bull entry, the asset might enter the bullish phase.
As per CMC data, Solana trades at around $142.15, with its market cap reaching $75.97 billion. Meanwhile, the daily trading volume has increased by over 8.45% to $3.49 billion. In addition, Solana has witnessed a 24-hour liquidation of $13.86 million, according to Coinglass data.
Zooming in on the thirty-day price chart of Solana, an 18.22% loss has been recorded. The asset’s monthly low and high were noted at around the $178 and $128 ranges.
Can Solana Break the Bearish Barrier?
The technical indicator analysis of SOL exhibits that the Moving Average Convergence Divergence line is near the zero line, and the signal line is above it, which suggests a weak momentum and a possible bearish crossover. If the MACD crosses further below, it could likely confirm a potential downtrend. Besides, the Chaikin Money Flow (CMF) indicator is found at -0.08, indicating a moderate selling pressure in the market, with the capital flowing out of the asset.
Solana’s daily Relative Strength Index (RSI) is resting at 49.30, signalling that the asset is in a neutral zone. It is a sign of consolidation, which might break above or below. Moreover, the Bull Bear Power (BBP) value of -1.56 points at strong bearish control in the market. It reflects a potential continuation of downward pressure.
If SOL bears strengthen their dominance, the price could slip to a crucial support range at around $141.90. Subsequent support might be found below the $141.78 level, with a potent correction on the downside. However, assuming the bulls overpower the bears, it might climb and test the $142.11 resistance. Further upside correction could likely trigger the Solana price to hit its resistance at the $142.25 range.
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Will Solana (SOL) Defy Market Uncertainty and Launch a Strong Breakout in the Coming Week?
- Solana is holding steady near the $142 mark.
- 24-hour liquidations have reached $13.86 million.
With the neutral sentiment in the crypto market, the major assets have been painted in red. The largest assets, like Bitcoin (BTC) and Ethereum (ETH), are trading on the downside, at $107K and $2.4K. Among the altcoins, Solana (SOL) has been extending its recent downward streak, failing to make a move above $150.
As bears are dominating, SOL has a modest drop of over 1.03% in the last 24 hours. Notably, the asset kicked off the day trading at a high of $144.19. Later, the bearish shift in the market has pushed the price down to its daily low of $137.79. Upon a sturdy bull entry, the asset might enter the bullish phase.
As per CMC data, Solana trades at around $142.15, with its market cap reaching $75.97 billion. Meanwhile, the daily trading volume has increased by over 8.45% to $3.49 billion. In addition, Solana has witnessed a 24-hour liquidation of $13.86 million, according to Coinglass data.
Zooming in on the thirty-day price chart of Solana, an 18.22% loss has been recorded. The asset’s monthly low and high were noted at around the $178 and $128 ranges.
Can Solana Break the Bearish Barrier?
The technical indicator analysis of SOL exhibits that the Moving Average Convergence Divergence line is near the zero line, and the signal line is above it, which suggests a weak momentum and a possible bearish crossover. If the MACD crosses further below, it could likely confirm a potential downtrend. Besides, the Chaikin Money Flow (CMF) indicator is found at -0.08, indicating a moderate selling pressure in the market, with the capital flowing out of the asset.
Solana’s daily Relative Strength Index (RSI) is resting at 49.30, signalling that the asset is in a neutral zone. It is a sign of consolidation, which might break above or below. Moreover, the Bull Bear Power (BBP) value of -1.56 points at strong bearish control in the market. It reflects a potential continuation of downward pressure.
If SOL bears strengthen their dominance, the price could slip to a crucial support range at around $141.90. Subsequent support might be found below the $141.78 level, with a potent correction on the downside. However, assuming the bulls overpower the bears, it might climb and test the $142.11 resistance. Further upside correction could likely trigger the Solana price to hit its resistance at the $142.25 range.
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