With the market in extreme fear, there is a 3% spike, which has triggered most of the digital assets to show up in green. The largest asset, Bitcoin (BTC), is trading at $65.4K, while the largest altcoin, Ethereum (ETH), hovers near $1.9K. How likely is this recent crypto gain to hold and see further upside?
Among the altcoin pack, Solana (SOL) has registered an 8.08% surge in value over the last 24 hours. The price action has shown a series of upticks, declines, and tests. If the asset maintains the upside trajectory strongly, traders would watch for a potential breakout, revisiting its previous highs.
Solana’s lowest and highest trading range falls between $76.02 and $82.77, respectively. It currently trades at $82.70. Besides, the daily trading volume has dropped to the $3.86 billion mark. The Coinglass data has reported that the market has seen a liquidation of $10.76 million worth of SOL.
Assuming the potential bulls strengthened, the Solana price could climb and test the $83.11 resistance. With steady upside pressure, the golden cross might unfold and push the price above. On the downside, if Solana momentum falls, it could target a key support at $81.32. Upon the bearish correction intensifying, the death cross would take place and drive the price even lower.
Bullish Rebound or Bearish Pressure: What is Next for Solana?
The Moving Average Convergence Divergence (MACD) line of Solana is found above the signal line, but both are below the zero line. This positioning points to an early bullish momentum within a broader bearish trend. A move above zero would be needed to confirm a stronger bullish momentum.
In addition, the Chaikin Money Flow (CMF) indicator at -0.00 hints at a neutral to slightly bearish money flow. There is no buying or selling pressure in the SOL market — a balanced momentum. A clear move above zero shows accumulation, while a drop further below confirms stronger selling.
Solana’s Bull Bear Power (BBP) value of 4.19 indicates strong bullish dominance. It is pushing the price higher with solid upward pressure. Significantly, if the momentum weakens, there will be a potential pullback. Furthermore, the market sentiment of SOL rests in a moderate bullish zone as the daily Relative Strength Index (RSI) stays at 56.26. Notably, this reflects a healthy upward trend with room for further upside if buying pressure continues.
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