Will Solana (SOL) Regain Strength and Target Its Next Resistance Zone?

CoinMarketCap
06/02
  • Solana trades within the $155 range.   
  • SOL has faced $9.84 million in liquidations.

The crypto market cap has settled at $3.29 trillion after a brief spike. T technical indicators of the major crypto assets like Bitcoin (BTC) and Ethereum (ETH) have been trading on the downside. The altcoin, Solana (SOL), has posted a spike of over 1.11% in the last 24 hours. 

The Solana price has shown upticks, declines, and key support-resistance tests. With the SOL price bouncing between crucial price levels, the traders are watching for a potential breakout or another decline. 

Notably, SOL, with an 81.47 billion market cap, trades at $155.92 at the time of writing. The lowest and highest trading levels were marked at around $150.84 and $158.89, respectively. 

Furthermore, as per Coinglass data, Solana has witnessed a 24-hour liquidation of $9.84 million. Consequently, the daily trading volume of SOL has increased by over 24.16% and has reached $2.69 billion.

Can Solana Break the Bearish Spell?

Solana’s active downtrend might pull the price back to the $154.80 range. The bears in the market might trigger the formation of a death cross, which the price could fall steadily and test the support at the $154.22 range. A drop below this range might accelerate losses, pushing the price to its previous lows. 

On the upside, assuming Solana jumps to the crucial resistance at around the $155.70 level. More upside correction might push the altcoin to its crucial resistance at $156. Overcoming the key resistance level could likely set the stage for the altcoin to see more upside.   

SOL chart (Source: TradingView)

In addition, the Moving Average Convergence Divergence (MACD) line and the signal line of Solana are found below the zero line. This indicates a strong bearish crossover with the continued downside pressure in sight. Besides, the Chaikin Money Flow (CMF) indicator at -0.09 suggests moderate selling pressure in the market. Also, the capital is flowing out of the asset, with a potential bearish signal and a sign of weakening demand. 

Solana’s Bull Bear Power (BBP) value, resting at -2.09, signals that the bears are in control. It is showing the bearish dominance and further downside momentum. The asset’s daily relative strength index (RSI) of 41.65 infers that the asset is currently in neutral to slightly bearish territory. But there is still room for a reversal or continued consolidation.

Highlighted Crypto News

Story (IP) Bulls Eyeing a Strong Move; Is it Preparing for Breakout

免責聲明:投資有風險,本文並非投資建議,以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請,作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考,不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證,投資者應自行研究並在投資前尋求專業建議。

熱議股票

  1. 1
     
     
     
     
  2. 2
     
     
     
     
  3. 3
     
     
     
     
  4. 4
     
     
     
     
  5. 5
     
     
     
     
  6. 6
     
     
     
     
  7. 7
     
     
     
     
  8. 8
     
     
     
     
  9. 9
     
     
     
     
  10. 10