Solana shares rose by more than 2%, trading at $209.
Solana recorded $17.12 million in liquidations in the last 24 hours.
As conflicting signals continue in the cryptocurrency market, many assets are trending downwards, with some trying to break free from this decline. Notably, the overall market sentiment is in the neutral zone, with the Fear and Greed Index stabilizing at 42. Among altcoins, Solana (SOL) is trying to regain some of its strength.
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Solana opened its daily trading at around $202, and bearish pressure pushed it to a low range of $197.92. Later, optimists intervened and pushed the altcoin price to $211.71. According to CMC data, the coin recorded a sharp increase exceeding 2.91%. Solana is currently trading at $209.12.
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Additionally, the market cap reached $112.96 billion, with its daily trading volume increasing by over 35.95%, touching $9.1 billion. Meanwhile, the market witnessed a liquidation of Solana worth $17.12 million in the past 24 hours, according to Coinglass data.
Is Solana heading towards new all-time highs?
The Moving Average Convergence Divergence (MACD) line for Solana is stabilizing above the zero line. This indicates an upward pace, and the price is moving up. However, the signal line touches the zero line, suggesting that momentum may stabilize, with the trend still leaning towards positivity.
SOL chart (Source: TradingView)
Additionally, the Chaikin Money Flow (CMF) is at 0.05, indicating slight buying pressure in the market. At this value, money flow is entering the asset, showing accumulation. The overall trend for Solana is slightly bullish, but it is not significantly decisive.
Assuming Solana bulls will strengthen their position, the price may rise and test the immediate resistance level at $209.22. If the upward correction of the asset continues, a golden cross may occur and push the price towards $209.32. On the downside, when bears enter, Solana's price may find support at $209.02. A downward correction could lead to a deadly cross and expand losses to its lowest point at $208.92.
Moreover, the daily Relative Strength Index (RSI) is at 60.10, indicating a moderate upward trend, with price strength leaning towards the upside. Solana still has room for upward movement. The reading of Solana's Bull-Bear Power (BBP) at 9.92 is a positive value, as the bulls are stronger than the bears. This suggests that more strength may push the trend.
