- Solana witnessed a positive momentum in its price action in the past day after recent dips.
- The altcoin’s daily trading volume has surged by 14.22% as per CMC data.
As the community eases into a pro-crypto world, several altcoins take to the spotlight every other day. With price actions stealing the show, other sectors such as DeFi, and ETPs also attempt to draw investors’ attention. Meanwhile, in the regulatory sector, Russia has passed a law structuring crypto taxations and has exempted it from VATs.
When turning our eyes to the altcoin sector, a tail-to-tail race greets the community this afternoon. While Solana makes small strides to recover from its most recent price dip, Ripple’s XRP has begun a steady bullish rally. Solana, in the last 24 hours, has factored in a modest 2.55% price increase.
In the afternoon hours of November 29, the altcoin was trading at a low of $237 before climbing upwards. SOL also hit an intra-day high of $246.78 before reaching current levels At the time of writing, the altcoin was trading at $243.97 as per CMC data.
Zooming out, over the past week, Solana had experienced bearish movements as prices fell to support at $222. Following the descent, the altcoin attempted to climb back and has managed to reach current levels thus indicating signs of recovery in the coming days.
Meanwhile, several Solana-based altcoins such as BONK have shown notable bullish performances this past week. Although there were increased liquidations in the past day, SOL’s RSI of 62.24 indicates a neutral market sentiment as per TradingView data.
Will Solana Sustain its Position as Second Largest Altcoin?
In the last 24 hours, as aforementioned, XRP has been rallying getting closer to Solana in market cap. In the case of Solana not showing significant increases XRP might flip the altcoin state market analysts. Meanwhile, looking at SOL’s RSI it suggests that the cryptocurrency might witness upward movements in the coming days.
Additionally, Solana’s Moving Average Convergence Divergence (MACD) signal line stands below the MACD line. While this suggests a downward trend, the signal line with current movements is inching towards a crossover. If Solana’s price sustains the positive momentum, it can be expected to remain the second-largest altcoin in the market.
Meanwhile, Bitcoin and Ethereum have also shown similar price movements in the past day. With modest gains, the cryptocurrencies have also shown signs of price recovery.
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