- Solana (SOL) experienced a marginal decline in price within 24 hours.
- SOL surpassed Bitcoin (BTC) and Ethereum (ETH) in previous trading day.
- SOL’s daily trading volume decreased by over 30%.
According to CoinMarketCap, Solana (SOL) experienced a marginal decline in its price within the last 24 hours. Currently, the altcoin is being traded at $28.40, reflecting a decrease of 1.16%. However, despite this slight dip in price over the past day, SOL has demonstrated a robust weekly performance, exhibiting a significant growth of +32.30%.
Despite the prevailing market conditions, the altcoin surpassed the performance of the two leading cryptocurrencies, Bitcoin (BTC) and Ethereum (ETH), in the previous trading day. At the time of writing, SOL exhibited a 2.33% increase against BTC and a 2.80% increase against ETH. Consequently, the value of 1 SOL stood at 0.0009299 BTC and 0.0146 ETH.
In addition, SOL experienced a significant decrease in its daily training volume, plummeting by over 30%. The cryptocurrency’s overall 24-hour trading volume amounted to $1,680,294,882, marking a substantial decline of 32.01% compared to the previous day’s volume.
From a technical standpoint, SOL has experienced a significant recovery after finding strong support at the $27.00 level in the last 2-3 hours. Consequently, the price of this altcoin has embarked on a minor bullish trend, aiming to test the crucial resistance level of $28.60 at the current moment.
If SOL successfully breaches the $28.60 resistance level and maintains it for the duration of the next 3-hour candle, there is a possibility of further upward movement towards the subsequent resistance level at $30.00 before the conclusion of today’s trading session. Conversely, should the cryptocurrency encounter resistance at the $28.60 level within the next 2 hours, there is a potential risk of a retest of the previously mentioned support level at $27.00.
A bearish shooting star candlestick pattern is emerging on SOL’s hourly chart, indicating a possible reversal in the bullish trend. Considering this pattern, the altcoin may struggle to surpass the $28.60 resistance level by the end of today’s trading session due to insufficient buying pressure. Consequently, there is a potential for SOL’s price to decline in the upcoming hours.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
