Solana's stock is currently trading at approximately $200.
Solana's daily trading volume has increased by more than 90%.
In a neutral atmosphere, the market capitalization of cryptocurrencies has decreased by more than 2.78% to reach $3.87 trillion. Many assets have lit their red candles, retreating to their recent lows. Major assets like Bitcoin (BTC) and Ethereum (ETH) chose to trade lower at around $111.6 thousand and $4.6 thousand, respectively. Among the altcoin group, Solana (SOL) recorded a loss of 3.61%.
#اخبار_الكريبتو_العاجلة #اقتصاد_الشرق #wct
The analyst's chart shows that Solana is trading at a major resistance level at $211. If the price breaks and holds above this level, the bullish momentum could accelerate, pushing the price to the next critical level at $222. The bullish outlook shows steady rises with minor stops at $213, $217, and $220.
and $BTC
The asset reached its daily low and high at $198.65 and $213.01, respectively. At the time of publication, Solana's trading price was approximately $200.26, with a market capitalization of $108 billion. Meanwhile, the daily trading volume rose by more than 90.17%, reaching $13.02 billion. According to CoinGlass data, the Solana market experienced liquidations worth $45.96 million in the last 24 hours.
Will Solana's price witness sharp declines?
The Solana price chart, over four hours, shows a downward trend, and the price may slide towards the support level at $200.16. If the downward pressure continues, the altcoin's price could sharply drop below the $200.06 level. If Solana regains its upward strength, it may face immediate resistance at around $200.36. With the altcoin remaining at its highs, the price may reach a target above the $200.46 range.
SOL chart (Source: TradingView)
The Moving Average Convergence Divergence (MACD) line for Solana has settled below the signal line, indicating the formation of downward pressure. The further the MACD indicator moves below, the stronger the bears' force. Furthermore, the cash flow towards the asset is positive, but not intensely, as Solana's Chaikin Money Flow (CMF) indicator stands at 0.11. This indicates light buying pressure in the market. Since the value is above zero, it tends to lean towards the bullish area.
Moreover, the current market trend for Solana stabilizes in the neutral to slightly bullish region, with the daily Relative Strength Index (RSI) at 55.03. This indicates stable price movement with room to move in either direction. A Bull Bear Power (BBP) reading of 4.13 suggests that bulls currently dominate the Solana market. Notably, pushing the altcoin's price above this level strengthens the bullish trend.
