The broader crypto market cap exhibits a brief spike, reaching $3.14 trillion. Both the red and green flags are waving across the digital assets, showing mixed sentiment. Among them, the assets like Bitcoin (BTC) and Ethereum (ETH) are attempting to climb to their recent highs. Meanwhile, Solana (SOL) has climbed over 4.96% in value.
The asset opened the day trading in a low range of $135.82, and with a gradual push, SOL jumped and entered a bullish zone, sending the price to a high of $143.91. To confirm the uptrend, the asset has broken some of the crucial resistance between $136.41 and $142.75 zones. Upon the bulls gaining more traction, the price would see more upside.
At the time of writing, Solana trades at $142.71, with its market cap at $80.58 billion. Besides, the daily trading volume of the token has skyrocketed by over 214.61%, sitting at around $4.87 billion. The Coinglass data has revealed that the market has experienced a liquidation event of $14.77 million worth of SOL in the last 24 hours.
Can Solana Stay Balanced or Will Bears Step In?
The technical analysis of Solana reports that the Moving Average Convergence Divergence (MACD) is above the signal line, indicating a positive shift. The short-term price is increasing faster than the longer-term price. In addition, SOL’s Chaikin Money Flow (CMF) indicator is stationed at 0.06, suggesting mild buying pressure in the market. Notably, the capital flowing into the asset is weak, hinting at positive accumulation.
Zooming in on the four-hour trading chart, with the Solana bulls, the price could rise to retest the resistance range at $145.07, likely. The golden cross might emerge if the upside pressure strengthens, eventually, driving the asset’s price toward $148.30 or even higher.
If the current momentum fails to hold, the asset might fall immediately to the $139.42 support level. A sturdy downside correction could trigger the Solana price to retrace below $136.57 and initiate the death cross to form, acting as a hindrance to the recovery.
Solana’s ongoing market sentiment is bullish, in the overbought territory, as the daily Relative Strength Index (RSI) settled at 70.69. The price action may face short-term consolidation if the buying pressure starts to ease. Moreover, the Bull Bear Power (BBP) reading of 7.75 implies strong bullish dominance, with the bulls pushing the price above. Also, it is reflecting strong upside momentum unless the selling pressure increases.
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