Overview
The Solana (SOL) price experienced a significant surge of 4.23% within the last 24 hours, reaching a current trading value of $29.71. Over the past eight Intraday Sessions, SOL crypto has demonstrated remarkable growth, soaring by more than 36%. This bullish momentum was fueled by a rebound from the 200-day Exponential Moving Average (EMA), propelling the price to higher levels.
Price Movement
The SOL crypto has been consistently bullish, persisting in an upward trend since breaking above the 200-day EMA. During the past eight sessions, the price escalated by over 35%, significantly boosting the market cap. The crypto exhibited a rebound from the 50-day EMA, surpassing the previous swing high.
Trading Volume and Market Cap
Analysis of trading volume reveals that SOL crypto recorded a trading volume of $1.012 Billion in the past 24 hours, reflecting a 12% decrease from the previous day. Presently, SOL crypto boasts a market cap of $12.40 Billion, securing its position as the 7th cryptocurrency in the market. The volume-to-market-cap ratio stands at 8.22%, indicating moderate market volatility.
Future Outlook
The SOL price, currently standing at $29.71, continues to exhibit a robust bullish trend, potentially gaining further momentum in the coming days. Chart analysis identifies a minor supply zone near $32 and a major supply zone near $37. The price might break above the minor resistance and extend its upward trajectory towards the major resistance.
However, it is essential to note that despite the recent price surge, the trading volume has decreased by 12% within the last 24 hours. This decline in buying volume suggests waning momentum, requiring an influx of buyers to overcome upper supply zones.
Technical Indicators
The Relative Strength Index (RSI) indicates a positive crossover of the Exponential Moving Average (EMA), coupled with entry into the overbought region. This scenario hints at a potential selloff and subsequent price declines. On the EMA front, the SOL price rebounded strongly from the 200-day EMA, further supporting the short-term bullish outlook.
Conclusion
In summary, Solana’s price remains bullish, showing a 4.23% increase today. The crypto successfully surpassed the 200-day EMA and ascended from the 50-day EMA. Currently valued at $29.71, SOL crypto holds a market cap of $12.40 Billion. Despite the recent surge, the trading volume has decreased by 12% in 24 hours.
The price is anticipated to face resistance levels at $32 and $37, necessitating an increase in buyers to overcome these supply zones. With a volume-to-market-cap ratio of 8.22%, the market exhibits mild volatility.
Technical Levels
- Support Levels: $25.55 and $21.21.
- Resistance Levels: $32.31 and $37.12.
