Solana Jumps Over 11%, Can the Momentum Keep Rolling?
- Solana has surged over 11%, trading near the $114 level.
- The asset has witnessed $24.47 million in liquidations.
The 7.42% rebound in the crypto market has helped assets reclaim lost momentum. Bitcoin is trading above $82K, and Ethereum has climbed to $1.6K. Meanwhile, Solana (SOL) has posted a double-digit gain of over 11.41%.
After testing a series of key support and resistance levels, Solana might steadily recover from the fluctuating market momentum. In the early hours, the asset was trading at around $103, and the arrival of bulls pushed SOL to mount toward $120.47.
At press time, Solana traded at around $114.97, with its daily trading volume reaching $6.69 billion. Furthermore, the SOL market has witnessed a 24-hour liquidation of $24.47 million, as per Coinglass data.
Is SOL Poised for a Breakout or Breakdown?
In the event of Solana climbing above $117, the altcoin could aim for its crucial resistance zone near $122.17. Pushing through this mark likely triggers the price for a potent upside correction, speeding up the recovery.
On the downside, SOL’s price might sharply fall back, testing the nearby support at the $109 range. Assuming a drop past this level could accelerate further declines to its previous lows, sending the price to $104.56.
SOL’s Moving Average Convergence Divergence (MACD) line is positioned above the zero line, indicating the start of a bullish trend in the market. But the signal line below it hints that the momentum is lagging.
In addition, the Chaikin Money Flow (CMF) indicator staying at -0.07 suggests a negative capital flow within the market. In the meantime, the daily trading volume of Solana has surged by over 21.97%.
The Bull Bear Power (BBP) value near 7.75 signals bull power, which could support a continued upward price movement. Besides, the daily relative strength index (RSI) at 54.95 infers a neutral to mildly bullish momentum.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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Solana Jumps Over 11%, Can the Momentum Keep Rolling?
- Solana has surged over 11%, trading near the $114 level.
- The asset has witnessed $24.47 million in liquidations.
The 7.42% rebound in the crypto market has helped assets reclaim lost momentum. Bitcoin is trading above $82K, and Ethereum has climbed to $1.6K. Meanwhile, Solana (SOL) has posted a double-digit gain of over 11.41%.
After testing a series of key support and resistance levels, Solana might steadily recover from the fluctuating market momentum. In the early hours, the asset was trading at around $103, and the arrival of bulls pushed SOL to mount toward $120.47.
At press time, Solana traded at around $114.97, with its daily trading volume reaching $6.69 billion. Furthermore, the SOL market has witnessed a 24-hour liquidation of $24.47 million, as per Coinglass data.
Is SOL Poised for a Breakout or Breakdown?
In the event of Solana climbing above $117, the altcoin could aim for its crucial resistance zone near $122.17. Pushing through this mark likely triggers the price for a potent upside correction, speeding up the recovery.
On the downside, SOL’s price might sharply fall back, testing the nearby support at the $109 range. Assuming a drop past this level could accelerate further declines to its previous lows, sending the price to $104.56.
SOL’s Moving Average Convergence Divergence (MACD) line is positioned above the zero line, indicating the start of a bullish trend in the market. But the signal line below it hints that the momentum is lagging.
In addition, the Chaikin Money Flow (CMF) indicator staying at -0.07 suggests a negative capital flow within the market. In the meantime, the daily trading volume of Solana has surged by over 21.97%.
The Bull Bear Power (BBP) value near 7.75 signals bull power, which could support a continued upward price movement. Besides, the daily relative strength index (RSI) at 54.95 infers a neutral to mildly bullish momentum.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Highlighted Crypto News
Pakistan Plans Using Surplus Electricity For Bitcoin Mining and AI Data Centers
Read More
History Says Buy Altcoins, Headlines Say Wait? Market Narrates Two Stories