Solana surged 12%, hovering around $197.
SOL’s trading volume has jumped by over 99%. The 2.49% spike in the crypto market exhibits a recovery, with the majority of the assets breaking free from the bear hold, lighting up the green candlesticks. The tokens like Bitcoin and Ethereum are hovering at $119.6K and $4.6K. Among the pack of altcoins, Solana (SOL) has experienced a 12.56% increase in value over the last 24 hours.
With this bullish pace, it is speculated that SOL could target the $210 mark soon. If the surge lasts, further upside correction is in sight. In the early hours, Solana traded at a low of $173.84. The price has climbed to a high of $199.78 with the positive market sentiment. Also, it has broken the key resistance zones between $173.88 and $199.74.
The CMCdata shows, with a $106.85 billion market cap, at press time, Solana traded within the $197.98 range. The daily trading volume of the altcoin has surged by over 99.06%, reaching the $11.83 billion level. Concurrently, the market has experienced a notable $33.40 million in SOL liquidations over the past 24 hours, as reported by the Coinglass data.
Can the Solana Bulls Stay in Control?
SOL’s Moving Average Convergence Divergence (MACD) line is resting above the signal line, showing bullish momentum. Also, the asset’s price action is gaining upward strength. In addition, the indicator assessing the money flow, the Chaikin Money Flow (CMF) value, which is found at 0.26 hints at a moderate to strong buying pressure in the market. With the buyers dominating, accumulation likely occurs rather than distribution.
The asset’s active upside correction could push the price to reclaim the nearest $196.70 resistance. A sustained bullish momentum might take the Solana price higher toward the $196.76 range and initiate the golden cross emergence. Contrarily, if SOL fails to hold the momentum, the price might break down to the $196.58 level. An extended downside correction could result in the formation of a death cross, driving the price to $196.51.
The asset’s daily Relative Strength Index (RSI) is stationed at 72.56, suggesting the overbought condition. The price has strong bullish momentum, with the possibility of a short-term correction. Besides, Solana’s Bull Bear Power (BBP) reading of 23.06 indicates bullish strength. With the upward bias, buyers have the upper hand, but not to an extreme level.