#اخبار_الكريبتو_العاجلة #عملات_رقمية #اقتصاد_رقمي #wct $SOL
The price of Solana (SOL) hovers around $138.
Its daily trading volume saw a massive increase of over 141%.
With the recent increase of 2.98%, the cryptocurrency market swings between positive and negative. Major assets are striving to rise. The price of Bitcoin (BTC), the largest asset, hovers at $92.1 thousand, while Ethereum (ETH), the largest altcoin, trades near $3.1 thousand. Following this, Solana (SOL) recorded gains exceeding 4.82%.
Solana opened today's trading at its lowest point at $128.29, and with this brief rise, it tested a series of resistance levels between $130 and $137. It gradually rose to its highest point at $139.21. According to CoinMarketCap data, at the time of writing this report, the price of Solana was trading at $138.73.
The market capitalization of the altcoin remains at $77.85 billion, with its daily trading volume increasing by over 141.77%, reaching $4.86 billion. According to Coinglass data, the market saw a liquidation of $31.17 million of Solana in the last 24 hours.
The analyst's chart shows that Solana is currently moving sideways, with significant support at $124. Losing this level is likely to lead to a deeper correction towards these lower areas, with strong subsequent support levels near $115 and $106.
Can Solana avoid a sharp slide in the future?
Technical analysis of Solana indicates that the Moving Average Convergence Divergence (MACD) and signal lines are below the zero line. A general downward trend prevails, and any breach below zero is considered a weaker bullish signal compared to a breach above zero.
SOL chart (Source: TradingView)
The Chaikin Money Flow (CMF) indicator, recorded at 0.16, indicates that the SOL market is experiencing moderate buying pressure. Notably, this value indicates capital inflow into the asset, but this pressure is not intense - rather closer to steady accumulation than intensive buying.
The daily Relative Strength Index (RSI) for SOL, currently at 52.46, shows that the market is in a neutral zone, slightly leaning towards the upside. It also does not provide any overbought or oversold signals, with balanced price movement. Furthermore, the Bull Bear Power (BBP) value of 3.30 indicates that bullish pressure is slightly higher than bearish pressure. It is a mild positive signal, not very strong, but supports upward price movement.
With the downward correction in the Solana market, the price may sharply decline to test the main support level at $134.58. Assuming the bears have gained more strength, a death cross may unfold, and the bears may push the asset price below the $130 range.
Conversely, if Solana's bulls regain their lost momentum, the price may rise towards the nearby resistance level at $142.37. Further upward correction may lead to a golden cross, encouraging the bulls to push the price above $146.85.$SOL
