Solana [SOL] has raked in impressive price gains as it positioned itself as the seventh-largest crypto asset by market cap on the leaderboard. After decoupling from top coins, SOL has managed to attract buyers and even briefly touch $200. Lately, its price has been trending lower after increased bearish momentum trapped the asset in a consolidation phase. The drop in volatility indicated that the market participants will have to wait for a rally.
Over the past 24-hours, Solana [SOL] noted a minor surge of 1.34%, which pushed the price to $137.9. The crypto-asset held a market cap of $41.37 billion and recorded a 24-hour trading volume of $2.80 billion at the time of writing.
Solana [SOL] Daily Price Chart:
Solana’s fall was cut short after a brief bullish reversal which firmly held a crucial support area. Despite the gradual d, the decline on the daily chart, the moving averages have not been able to reclaim position above the price candles. As a matter of fact, the upsloping 50 DMA [Pink], 100 DMA [Blue], and the 200 DMA [Yellow] continued to hover below the SOL candletick arrangement respcectively.
Additionally, the volume has been moderate which could aid in the growth of the crypto-asset.
The technicals look promising. For instance, the Chaikin Money Flow [CMF] noted an uptick depicting a minor decline in capital outflow from the SOL market The Klinger Oscillator [KO] also hinted bullish reversal signs after three weeks of flashing red. Echoeing a similar optimism was the daily Relative Strength Index [RSI] which made a headway above the 50-median line after struggling near it over the past week. This essentially signifies the dwindling dominance of sellers.
Solana’s immediate resistance levels stood at $150.5, $168.9, and $191.3. On the other hand, its support levels were found to be at $125.5, $118.2, and $75 respectively.