Today’s top gainer, Solana (SOL), registered the largest gains among the top five key players in the crypto market following Monday’s epic crash. As cited in a CryptonewsZ report, SOL rebounded from a low of $110 to its current level around the $150 mark, reflecting a 40% increase in just two days.
Historically, this low, last observed on March 5, is known to have pushed SOL 90% upwards to this year’s peak around the $209 level. Should history repeat itself, market analysts reckon that the SOL token could potentially hit new highs if market optimism persists in the near term.
Meanwhile, Bitcoin and Ethereum have also shown resilience to the trend in the green zone, with BTC gaining 4.38% and ETH soaring 1.18% in the last 24 hours. At press time, BTC holds its price above $57K, while ETH sits above $2.4K.
SOL Price Action
As of this publication, the SOL token exchanged hands at $153.33, reflecting a 9.63% increase compared to its previous day’s closing price. This optimism has further impacted SOL’s market cap, which now sits at 71.51 billion, placing it as the 5th largest cryptocurrency in the rankings.
Conversely, Solana’s 24-hour trading volume paints a different picture, reflecting a 33.80% dip to $5.56 billion. This indicates that investors are still wary of the negative price action despite the recent market gains.
Adding to this negative outlook, Solana has yet to eliminate the bearish sentiment in its market, as evident in the weekly chart. Nevertheless, market experts anticipate that this bearish mood could be fully eradicated should SOL surpass the weekly opening price of $183.
Is SOL’s Bull Run Here to Stay?
As many analysts have highlighted, the SOL token is presently exhibiting a multi-bullish factor despite its recent price volatility. For instance, the daily chart shows that the SOL/USD pair is trending in a bullish pennant pattern, formed by a sequence of lower highs and higher lows.
Often, this pattern is linked to a period of price consolidation before a bullish breakout occurs. Moreover, the 200-day Simple Moving Average (SMA) supports this optimistic outlook as it trades slightly below SOL’s price at $146.55, acting as the asset’s immediate support.
Market experts anticipate that SOL could surpass its immediate high of $169.34 should the 200-day SMA prove formidable. A breach above this high could further push SOL/USD toward the $184 region, potentially neutralizing the bearish mood lingering in SOL’s weekly chart.
On the other hand, the daily RSI index signals a potential price consolidation as it trends at 44.82, close to the neutral zone. However, a breakthrough above this zone could imply a shift in momentum toward a more bullish direction, potentially leading to a retest of the recent high.
Also Read: Michael Saylor Advocates for US Bitcoin Reserve Strategy
Credit: Source link
