After a long and hard stay in the bearish arena, all the crypto assets were seen making their way over to the bullish colosseum. Solana [SOL], Terra [LUNA], and Avalanche [AVAX] seemed to be the bulls’ favorites. Amassing the most gains, the aforementioned assets were the stars of today’s market.
While Bitcoin [BTC] was trying to navigate its way beyond $50K, the altcoins were attempting to make up for the loss they experienced over the last couple of days.
Solana [SOL] made headlines for various reasons this year. The algorithm that the network uses and the price surge of SOL put the altcoin right under the crypto spotlight. Not only did the coin witness a massive swell in its price, but the market cap also followed suit.
The previous few days caused immense bloodshed in the Solana market sending the altcoin to a low of $150. However, the bulls in its market managed to push the asset all the way above $180. At the time of writing, SOL was trading for $183.77 with a 10.59% rise in the last 24-hours.
Despite its recent setback in terms of price, SOL managed to stay in the top five. During press time, SOL’s market cap was at $56.56 billion.
Solana [SOL] one-hour price chart on Binance
The short-term price chart of SOL exhibited a strong bullish notion. The Chaikin Money Flow [CMF] indicator used in the chart moved beyond the 0.30 median further signifying the presence of the bull. Earlier today, the MACD indicator underwent a reversal in trend. The bulls didn’t let the bears relax in the SOL market for too long as the MACD line took over the signal line forming a bullish crossover.
Furthermore, buyers were seen assembling in the Solana market. The Relative Strength Index [RSI] indicator affirmed a buyer’s market. The RSI marker rose all the way up to the overbought zone.