- Solana is currently trading around the $153 mark.
- SOL’s daily trading volume has surged by over 76%.
The broader cryptocurrency market reports a bearish turn, with the market cap slipping by over 1.21%, reaching $3.29 trillion. Major assets are striving to recover at the start of July, and are painted in red. Among them, Solana (SOL) has modestly spiked by over 0.93% in the last 24 hours.
Notably, SOL opened the day trading on the bottom range of $149.61. With a sudden jump, the bulls have entered and sent the price to a high of $157.71. At press time, Solana is trading at $153.35, with its daily trading volume increased by over 76.72%, standing at around $4.76 billion. In addition, the market has witnessed a liquidation of $19.37 million worth of SOL.
The Ali chart shows that the number of Solana wallet addresses holding at least 0.1 SOL has reached a new all-time high of over 11.44 million. This marks a significant increase in user participation and long-term holding.
Is Solana Set to Stay Steady or Slide?
The four-hour technical chart of Solana shows that the Moving Average Convergence Divergence (MACD) line is briefly crossed above the signal line, hinting at a short-term bullish crossover or a potential early trend reversal. Moreover, the Chaikin Money Flow (CMF) indicator is found at 0.20 implies a strong buying pressure in the market. Also, the capital is flowing into the asset.
SOL chart (Source: TradingView)
According to the price chart, assuming the SOL bulls woke, it could move up and bring in a retest of the nearby resistance at $153.50. A golden cross might unfold if the upside correction strengthens and drives the price to its recent high at around $154 range. This level may play as a crucial price zone.
On the flip side, if the bullish momentum fails to hold its ground, the altcoin could immediately slip to the $153.20 support level. A sturdy correction on the downside might target its next support range at the $152 mark. Eventually, initiates the emergence of a death cross to restrict the recovery attempts of Solana.
SOL chart (Source: TradingView)
Looking ahead, SOL is likely in the neutral to mildly bullish zone as the daily Relative Strength Index (RSI) settled at 55.99. It has room for further upside if momentum continues to build. Besides, the Bull Bear Power (BBP) value of 1.24 signals a strong upper hand of bulls in the market, with the potential for a continuous uptrend.
