Solana is currently hovering around the $181 mark. Sol Market saw $32.31 million in liquidation.
The sudden bounce in the crypto market sparked mixed emotions, with prices fluctuating between profits and losses. In particular, the value of the fear and greedy index remains at 62, pointing to the market’s greedy sentiment. Bitcoin, the biggest asset, trades for $118.3K, while Ethereum, the largest altcoin, is close to 3.8k. Meanwhile, Solana (Sol) had moderate spikes of over 0.26%.
Sol is able to step into the bull zone after testing a series of resistance between the $182 and $186 ranges. Altcoin launched day trading at a high of $182.38, and ultimately a strong bearish shift brought Solana to a low of $172.34. According to CoinMarketCap data, Solana is currently trading within $181.01.
Market capitalization remains at $97.32 billion, with Sol’s daily trading volume increasing by more than 17.36% to reach the $6.02 billion level. As reported in Coinglass data, the market has witnessed high volatility at the $32.31 million Solana liquidation at this interval.
Will Solana dive or will she catch a bounce immediately?
Altcoin’s 4-hour technical analysis reports that the moving average convergence branching (MACD) line is below the signal line, and both are below the zero line. It generally suggests a robust bearish momentum. Furthermore, Solana’s Chaikin Money Flow (CMF) indicator, which settled at 0.02, is slightly positive, indicating moderate purchasing pressure on the market. Money flows into assets rather than going out, indicating weak but aggressive accumulation.
With the drawback correction, Sol’s price could face a sudden pullback and test the closest support range at $180.93. If the bear hold is strengthened, it could unfold by causing a death cross, driving the price to a low below $180.85. Assuming Solana Bulls regain momentum, the price could rise towards a $181.09 resistance. A further breakout could be made by pushing a golden cross and possibly sending the Altcoin price towards $181.18.
The daily relative strength index (RSI) of Solana, found at 46.46, refers to the neutral momentum sitting in the integrated zone, and is neither acquired nor oversold. Prices may swing in either direction. Furthermore, a Bullbear Power (BBP) value of -0.49 indicates that the bear is currently dominant. Assets may continue to be downtres unless there is a reversal in the SOL market.
