The new week started with the market displaying a mix of bearish and bullish signals. This price flux came when Bitcoin [BTC] was taking a breather after setting new all-time high levels. Over the same time period, altcoins led their own charge which saw several tokens climb higher than ever before on the charts.
One altcoin that was making inroads was Solana [SOL], currently sitting at number 6 in terms of market cap. Solana’s upward turn has been the talk of the town since the cryptocurrency persevered even during the bear runs. At press time, Solana was trading for $208 with a market cap of $4.51 billion. The cryptocurrency’s price charge was in part owing to the number of updates and developments occurring on the network.
Solana 1 hour:
Since the 20th of this month, there has been a significant uptick in the Solana ecosystem. This was evidenced by the formation of consecutive green candles and new immediate support at $180.2. A majority of the indicators in the time period between October 20-25 displayed a sinusoidal pattern.
Relative Strength Index: Even though the indicator was still in the overbought zone, there was a slight decrease in the periphery. This was a sign that there was a Solana sell-off occurring during a bearish period in the crypto market.
Chaikin Money Flow: The CMF was opposite to that of the RSI with a healthy climb above the zero line. As more users enter the Solana market, the capital influx is only slated to increase.
Parabolic SAR: Almost all of the nearer markers stayed below the price candles. The user sentiment sided with the bull during the day end of a purple patch.
Solana 1 day:
In the long run, the cryptocurrency was trying to keep it steady on the road to ATH. The daily support was near the $120 market as the level seemed to be safe for the time being.
Chaikin Money Flow: The CMF hovered above the zero line as the market tried to settle on a pattern. Repeated appearances by the bear and the bull allowed the graph to roam freely.
Parabolic SAR: Just like in the hourly spectrum the markers stayed below the candles here too. Bullish momentum set in right after the last price support was threatened.
Relative Strength Index: Solana’s daily RSI broke the overbought threshold as more and more users bought into the market. This was a strong indicator of the longevity of the cryptocurrency and its user interest.