Solana is trading at $156 after a 6% jump.
SOL’s daily trading volume has surged by over 97%.
The market has recorded $14.14 million worth of SOL liquidations. The cryptocurrency market has kicked off the day with a brief spike, pushing the market cap to $3.32 trillion. The assets have been charted in both green and red zones, with the neutral sentiment in the market as the fear and greed index value holding at 50. Bitcoin (BTC), the largest asset, is currently hovering at $106.5K.
Among the altcoins, Solana (SOL) has jumped by over 6.64% in the last 24 hours. In the early hours, SOL traded at a low range of $144.36. With the bullish shift, the price has reached a daily high of around the $157.13 level, breaking the key resistance between the $145.36 and $156.78 zone.
At the time of writing, Solana traded at $156.71, with its market cap at $82.7 billion. Amid this, the daily trading volume has surged by over 97.21%, reaching $4.45 billion. Notably, as per Coinglass data, Solana has seen 24-hour liquidations totaling $14.14 million across the market.
What is Next on the Chart for Solana?
SOL’s Moving Average Convergence Divergence line and the signal line are below the zero line, indicating overall bearish momentum. However, the MACD line is attempting to cross the zero line, hinting at a potential shift toward the bullish zone. Besides, the Chaikin Money Flow (CMF) indicator settled at 0.15, suggesting moderate buying pressure in the market, and the money is flowing into the asset, supporting the bullish price trajectory.
SOL chart (Source: TradingView)
Furthermore, the four-hour trading window has likely highlighted the asset’s recovery attempt, and the asset could immediately climb and test the resistance at the range of $157.43. SOL’s further upside correction might push it to move up toward the $158 range, inviting the golden cross to take place.
On the downside, if the bearish momentum regained enough strength to pull the price back, Solana might slip to the $155.93 level. An extended correction on the downside could trigger the emergence of a death cross, pushing down the price to its former low at around the $154 mark.
In addition, the daily Relative Strength Index (RSI) is positioned at 64.23, signaling the asset is in bullish territory and might hit the overbought zone. SOL’s Bull Bear Power (BBP) value, resting at 11.93 points, indicates that the bulls are dominating, with the upward pressure likely to continue.
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