- Solana trades at $140, marking an increase by 13.56% over the last 24 hours.
- $483M worth of SOL were transferred to Binance and Coinbase.
Bitcoin (BTC) and Ethereum (ETH), the largest cryptocurrencies by market cap, have faced a critical and dramatic downturn that panicked the global crypto community. In the unforeseen market crash, BTC plummeted by 17%, hitting its 5-month-low at $49K. Likewise, ETH recorded a severe drop of 24%, priced below the $2.5K mark.
The impact of the total declines resulted in a staggering $1.04 billion worth of liquidations over the past 24 hours, pushing the global market cap below $2 trillion for the first time since February.
Dramatically, after yesterday’s unexpected downturn, the global crypto market has started the day with a brief spike in prices. The altcoin Solana (SOL) was not spared in the market crash. The asset has dropped below $115, losing over 21%. Currently, the asset is up by 13.56%.
According to Whale Alert data, the crash fear led to a significant transfer of 3.13 million SOL worth around $483 million to exchanges such as Binance and Coinbase within the last 24 hours.
Over the past 24 hours, the token has been trading at a 5-month low of $110.61, gradually showing price hikes. At the time of writing, SOL was trading at a price of $140 with a market cap of $65 billion. Meanwhile, Solana’s trading volume exhibited a 73.44% increase and stayed at $12.26 billion, as per CoinMarketCap data.
Can the Bulls Dominate SOL Soon?
Over the last seven days, Solana has shown a declining price movement of 23.09%. At the beginning of the week, SOL was trading at a high of $182. The token’s price dived in the following days to $111.
The daily relative strength index (RSI) is 41.75, as per TradingView data, which hints the asset is approaching the neutral zone. The moving averages lying above the current price action, 9-day MA and 21-day MA noted at $156 and $166 respectively, indicate a bearish trend.
Moreover, if a recovery occurs, SOL can test its initial resistance at the $147 level. If the bullish momentum persists, the token might surge to face the subsequent resistance range between the $151.26 and $155.69. However, if the bears take over, the token might dive to find its major support at $137.12. Further losses might take the price to the $130 level.
Disclaimer: The opinion expressed here is solely the author’s. It does not represent investment advice. TheNewsCrypto team encourages everyone to do their own research before investing.
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