In the past 24 hours of trading, most cryptocurrencies have experienced a surge in gains, leading to a 1.91% increase in the global market cap. The top 10 cryptos by market cap also saw a positive trend, with Solana (SOL) emerging as one of the biggest gainers, posing a potential threat to Ethereum’s dominance.
According to the latest figures from CoinMarketCap, SOL was exchanging at $21.24, following a noteworthy 5% surge in its value over the past 24 hours. Despite this positive development, SOL’s weekly performance remained red, with a decline of 6.26% over the last seven days.
Over the past day, SOL has demonstrated impressive resilience, bolstering its position against market heavyweights Bitcoin (BTC) and Ethereum (ETH) by 3.87% and 3.22%, respectively. However, the altcoin’s 24-hour trading volume experienced a slight dip of 6.94%, settling at $366,983,467. Despite this, SOL’s success is a testament to its growing strength and potential in the market.
In the last 24 hours, SOL’s price has made a noteworthy move by surpassing the 9 and 20 EMA lines on its 4-hour chart. This has led to the altcoin’s price regaining above the crucial $21 support level, which remains at the time of writing. This development is a positive sign for SOL’s investors and indicates a potential upward trend shortly.
Significantly, this morning witnessed a bullish crossover of the 9 EMA line over the longer 20 EMA line on the 4-hour chart. This development indicates that SOL’s price has embarked on a short-term bullish trajectory and could surge in the next 24 hours.
For traders and investors, it’s worth paying attention to the 4-hour RSI line, which has recently peaked. This could indicate that SOL’s upward momentum over the past 24 hours may be reaching its limit, and a shift in trend could be on the horizon. It’s important to keep a watchful eye on these indicators to make informed decisions in the market.
The validity of the bearish thesis hinges on the 4-hour candle’s closure below the $21 threshold. Should the candle close above this level, the thesis would be invalid. Conversely, a close below $21 would trigger a drop in SOL’s price, leading to a test of the following critical support level at $20.45.
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.
