Solana stock is trading at approximately $167.
The trading volume of Solana stock has increased by more than 27%.
As the fear and greed index approaches 55, market sentiment is retreating to a neutral zone. All major assets are stuck between the 'green' and 'red' indicators. Amid a shift in altcoin markets, Solana (SOL) recorded a sharp increase of over 2.24% in the last 24 hours.#بينانس_للمبتدئين #اقتصاد_العالمي
#wct In the early hours of trading, the price of Solana hit its lowest level at $161.75. Gradually, with a short-term bullish control over the asset, the price reached its highest level at $171.37. The price of Solana broke through a key resistance level, ranging between $161.80 and $171.31. At the time of writing this report, the price of Solana was trading at $167.58, according to CMC data.
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The market capitalization of Solana reached $90.25 billion, with an increase in its daily trading volume of more than 27.53%, touching $5.35 billion. According to Coinglass data, the market witnessed liquidations worth $17.58 million of Solana during this period.
It is worth noting that a whale with the wallet address 8rWuQ5 withdrew 71,000 SOL, worth nearly $12 million, from Binance. The funds were transferred to Kamino, a decentralized finance (DeFi) platform on Solana.
Can Solana trigger a bullish wave soon?
The moving average convergence divergence (MACD) line for Solana and the signal line is below the zero line, indicating overall bearish momentum. However, the MACD indicator is moving towards the zero line, weakening bearish pressure, and a bullish crossover may form. Additionally, the Chaikin Money Flow (CMF) value of the asset at 0.01 indicates slight buying pressure. Although it is not a strong bullish signal, accumulation temporarily exceeds distribution.
The daily relative strength index (RSI) for Solana stock is 51.97, indicating a neutral market trend—neither overbought nor oversold. Furthermore, the bull and bear power (BBP) value of 5.33 indicates that optimistic buyers currently dominate, showing bullish pressure in the market.
The stock shows a bearish pattern, with red candles, and the price may retreat towards $167.52. Optimistic buyers may strengthen their position and push the price of Solana to a sharp drop to $167.46. On the positive side, with the bullish shift of the stock, the price may rise towards the range of $167.64. Solana bulls might drive the price to reach $167.70.
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