“Bye, bye, bears,” the bulls said while making a grand entry into the crypto market. Solana [SOL] was one asset in the market that was seen carefully welcoming the bulls into its market. The other assets were no less, but SOL once again proved to be a promising asset by locking in most of the gains.
The entire market was glistening in green while Cardano [ADA] had started to slowly sink in the red sea. The altcoin was sailing on a different ship altogether as it noted a 0.52% drop over the last couple of hours. Bitcoin [BTC], did not witness major fluctuations in its price as it was stuck at $47K since yesterday. The coin was still struggling to make it beyond $900 billion with regard to market cap.
The star of the show, Solana [SOL] witnessed a 7.30% daily surge and its price was at a high of $157. Over the previous seven days, the altcoin noted a 13% rise. SOL has time and again proved its worth with its notable price changes. The asset was quick enough to surge to a high of $200, despite being fairly new to the market.
Additionally, the market cap of the altcoin was noted at $47 billion and SOL stood as the seventh-largest coin. This could soon be changed as its market cap was extremely close to that of XRP’s. The chances of Solana [SOL] overtaking XRP in terms of the ranking were very high.
Solana [SOL] one-hour price chart on Binance
The one-hour price chart of SOL noted increased bearish signs. The Parabolic SAR indicator notified the presence of bears by laying out dotted lines over the candlesticks. This line acted as a barrier between SOL and $160. This was followed by red closing bars by the Awesome Oscillator indicator.
The Relative Strength Index [RSI] indicator, however, revealed that the altcoin was still being bought than being sold.