As the week drew closer the cryptocurrency market entered a flux consisting of bearish and bullish trends. Altcoins tried to match Bitcoin’s spike rate as new superstars like Solana and Polkadot rule the roost. Solana [SOL], currently holding the 7th rank, was the biggest gainer of the day after fervent activity on the charts.
The SOL community has been waiting with bated breath for a steady price hold with the latest bull run acting as just that. At press time, Solana was trading for $159 with a total market cap of $46.78 billion. Solana’s 7 percent price hike over the previous 24-hours was followed by Ethereum, which rose by 3 percent on Friday. Daily volume had touched $3.4 billion after a rousing response from the community.
Solana 1 hour chart:
Three strong green candles changed Solana’s hourly dynamic as the cryptocurrency tore away from its immediate support. SOL user sentiment may have begun to swing after witnessing the strong upward push. Immediate support was clocked at $143, a steady marker for the cryptocurrency.
Parabolic SAR: The markers stayed below the price candles as user momentum shifted into the green.
Bollinger bands: Both the bands diverged from each other after registering six consecutive green candles. The size of the Bollinger cloud was a definitive sign of Solana’s entry into the bull territory.
Chaikin Money Flow: The graph bounced back from the zero line, mostly enabled by the price hike. This further meant that more capital was entering the SOL ecosystem.
Solana 1 day chart:
Long-term resistance was clocked in at $126 after a tumultuous September. The previous week was a strong sign for price recovery as the market cap shot up in the daily spectrum.
Bollinger bands: The band’s moved parallel to each other as the candles constricted themselves within the bandwidth. After a month of slight movement, the last green candle climbed to new levels.
Chaikin Money Flow: SOL formed a k-shaped curve as the capital influx overtook the money leaving the market. The cryptocurrency showed similar patterns displayed at the start of August.
Parabolic SAR: Unlike the short-term yield, the markers here stayed above the candles. This was a sign that the market momentum was shifting after a period of dwindling seed funds.