- Solana is currently trading around $183.
- Daily trading volume has surged by over 42%.
- The SOL market has recorded $22.80M in liquidations.
The majority of the crypto assets are charted in red, with the broader market cap settling at $3.64 trillion. Only a few have the green shade. Meanwhile, the largest assets, like Bitcoin (BTC) and Ethereum (ETH), are currently hovering at around $107.9K and $3.8K, respectively. Among the pack of altcoins, Solana (SOL) has posted a brief 1.54% drop.
In the morning hours, SOL traded at a high of $197.37. Upon the asset’s bearish shift, the price has slipped to a bottom range at the $183.61 level. Notably, if the asset breaks through key resistance levels, a solid uptrend may follow, but rejection at these points could trigger bears and lead to deeper declines.
The CMC data has shown that Solana currently trades at around $183.53, with a market cap of $100.25 billion. Amid this, the daily trading volume has surged by over 42.07%, reaching the $8 billion mark. Besides, the market has experienced an event of liquidation totalling $22.80 million worth of Solana in the last 24 hours.
Solana’s Next Move: Breakout or Breakdown Ahead?
The Moving Average Convergence Divergence line and the signal line of Solana are below the zero line, which indicates its bearish phase. The price is moving down, and the momentum may continue to fall unless the MACD line starts turning up. Moreover, the Chaikin Money Flow (CMF) indicator at 0.07 suggests mild buying pressure in the SOL market. With the positive value, money is flowing into the asset, but the overall momentum is not very strong.
Solana’s price chart with the bearish pressure could test the key support at the range of $182. Further downside correction might push the price to retrace toward $181, also inviting the emergence of the death cross. On the downside, if the bullish momentum pops up, it may trigger the SOL price up to the $184 level. An extended upside correction could lead to the formation of the golden cross, taking the price to around $185.
In addition, the daily Relative Strength Index (RSI) is stationed at 43.52, which hints that Solana is in a neutral to slightly bearish zone, neither oversold nor overbought. Also, the trend is subject to shift. SOL’s Bull Bear Power value at -6.07 signals that the bears currently have control of the market. The deeper the negative value, the stronger the bearish momentum gets. With negative BBP, selling pressure outweighs buying strength.
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