- Solana reached a new all-time high of $294.33.
- SOL is trading at $243, down over 9% in the past 24 hours.
The global cryptocurrency market is facing a bearish downturn, shedding 2.54% and bringing its market cap down to $3.54 trillion. Amid the dip, the altcoin Solana (SOL) defies the trend, reaching a new all-time high of $294.33.
Despite the uptick, SOL couldn’t escape the red zone. However, market analysts expect SOL to near the $400 threshold shortly. Notably, the altcoin has registered a loss of over 9.05%. With a $118 billion market cap, Solana trades at $243.13.
The altcoin opened the day trading at $266.29, and it climbed up to hit its ATH. Later, the Solana price sharply fell back to visit its previous low of $231.63. Moreover, SOL has witnessed a 24-hour liquidation of $110.83 million. Consequently, the daily trading volume of SOL has reached $35 billion.
The altcoin has surged over 34.44% in the past seven days. The week began trading at $183.24, and Solana steadily ascended to the current trading level.
Is Solana Gearing Up for a New Peak?
Solana’s four-hour trading window displays the in-progress downside correction. SOL trades 16.78% below its new all-time high, and the support at $240.63 is crucial. If bearish pressure intensifies, the altcoin could drop to the $235 range, with a possible extended loss to even lower.
If this momentum flips, Solana’s price could likely test the nearby resistance level at $246.88, and a brief bullish outlook may enter the market. Breaking through this mark could push the asset above the $250 range, and if it sustains, SOL might move closer to its ATH.
The technical indicators of SOL report bearish momentum by inferring the Moving Average Convergence Divergence (MACD) line. It has settled beneath the signal line, and this crossover indicates a downtrend and a potential sell signal.
In addition, the Chaikin Money Flow (CMF) indicator is settled at 0.08, suggesting a positive money flow and moderate buying pressure in the market. In the meantime, the daily trading volume of Solana has increased by over 42.30%.
Solana’s daily relative strength index (RSI) is positioned at 53.77, which infers its neutral position. Besides, the daily frame of SOL exhibits the short-term 9-day moving average above the long-term 21-day moving average.
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