- Solana’s daily trading volume showed a 25.26% increase according to CMC data.
- The altcoin is expecting to see a spot ETF launch as market speculations are on the rise.
In the past 24 hours, the cryptocurrency market has shown bullish turns with market cap increasing 2.79% and daily trading volume surging 16.36%. Leading cryptocurrencies such as Bitcoin also showed price increases over the past day. However, the market over the past few weeks has remained uncertain with high volatility rates.
Notably, the second-largest altcoin, Solana, has shown a price increase in the last 24 hours with a 2.10% increase in market cap. At Asian evening hours, SOL traded at a low of $141.01. However, the token slid to an intra-day low of $139.27 before prices began climbing to current levels. At the time of writing, Solana was trading at $143.88 according to CMC data.
Zooming out, over the past week Solana’s price charts show strong bull-bear combats as the altcoin showed high volatility. According to TradingView reports, Solana’s RVI stands at 53.43. This resulted in Solana’s weekly prices dangling between $141 to $149 levels.
Additionally, the token’s weekly price performance shows a 1.07% increase due to the bull-bear combat. In the last week, Solana was trading at a price of $143, after which it proceeded to fall to a support level of $136. However, with the bulls attempting to win the combat, prices climbed above $140.
Will Solana Bulls Make a Comeback?
The altcoin has received mixed signals from market analysts’ predictions. Some of the market experts believe that Solana might experience a bullish turn. Meanwhile, others have predicted an incoming price drop for the altcoin. If the token manages to surpass current resistance at $145 and $149 then it can experience a bull run surpassing $150.
On the other hand, according to TradingView data, Solana’s short-term 9-day MA stands below the long-term 21-day MA indicating an overall bearish trend. Relatedly, the token’s RSI also stands at 45.35 as market sentiments still lean towards selling pressures.
Meanwhile, Solana has received attention as it anticipates a spot ETF launch in the coming months. While the US SEC has shown strong resistance against a speedy approval, other countries have expressed alternate sentiments. Notably, on August 21, Brazil approved its second Solana ETF according to reports.
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