- Solana trades at $166, after gaining over 4.87% over the last 24 hours.
- The market witnessed SOL’s 24-hour liquidation of $11.28 million.
The cryptocurrency market has been through bullish turns, with the market cap reaching $2.36 trillion. Major assets are striving to recover in the second half of October. In particular, Solana (SOL), the fifth-largest cryptocurrency, has drawn out its gains by 4.87%. SOL chose a bullish rally for the day, breaking the nearby resistance levels.
Notably, Solana opened the trading day within the $159 range, and eventually the altcoin managed to hit a high of $171.43. At press time, SOL is trading at $166.64 with its daily trading volume increased by over 114%, standing at around $3.70 billion, according to CMC data.
SOL has shown a positive outlook in the last seven days, with an over 8.95% gain. At the beginning of the week, the altcoin was trading at $152. The token’s price severely fluctuated and reached the $157 mark.
On the other hand, a whale has sold 22,726 SOL worth $3.86 million at a price peak. This whale is particularly known for buying Solana at low prices and selling it at its peak price. Despite the recent sale, the whale currently holds a 20K SOL value at $3.33 million.
Will Solana Sustain at the Current Level?
The four-hour technical chart of SOL suggests the asset is likely to step into the overbought zone in the market, as the daily relative strength index (RSI) sits at 69.45. In addition, the short-term 9-day moving average standing above the long-term 21-day moving average, suggests the current positive momentum.
SOL chart (Source: TradingView)
Looking ahead, Solana’s Moving Average Convergence Divergence (MACD) line is currently positioned above the signal line, highlighting the upward momentum.
As per the daily price chart, SOL could test the nearby support at $159 and the price might further dip to a low of $153 mark. These levels play a crucial role in securing its price.
If the bullish momentum persists and it gains strength, SOL could bounce up to the $171 level. The next target might be $176. This momentum would confirm the prolonged bullish sentiment.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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