The cryptocurrency has been underperforming over the previous few hours, however Solana has outperformed the market immediately.
The cryptocurrency market has misplaced lower than 1% of its complete worth over the previous 24 hours. Following this poor efficiency, the entire crypto market now stands above $1.2 trillion after dropping almost $300 billion the earlier week.
Bitcoin, the world’s main cryptocurrency by market cap, is down by lower than 1% to this point immediately. At press time, Bitcoin is buying and selling at $29,683, down by 11% over the past seven days.
Ether maintains its place because the second-largest cryptocurrency by market cap. ETH has additionally maintained its value above the $2k psychological stage over the weekend.
SOL, the native token of the Solana ecosystem, is without doubt one of the greatest performers amongst the highest 10 cryptocurrencies by market cap. SOL has added greater than 4% to its worth within the final 24 hours and at the moment trades above $54 per coin.
There are not any obvious catalysts behind Solana’s ongoing optimistic efficiency. SOL has outperformed the broader cryptocurrency market, which is down by lower than 1% within the final 24 hours.
Key ranges to look at
Regardless of the continued optimistic efficiency, the SOL/USD 4-hour chart stays bearish. This is because of Solana’s poor efficiency over the previous few days.
The MACD line stays under the impartial zone at -1.186, indicating bearish momentum. Nevertheless, the MACD line might quickly cross into the optimistic territory if the rally continues.
The 14-day RSI of fifty exhibits that SOL is not within the oversold area. If the rally continues, Solana might surge previous the primary main resistance stage at $60 earlier than the tip of the day.
Nevertheless, SOL would want the help of the broader cryptocurrency market if it can transfer previous the $70 psychological stage.
Within the occasion of a bearish efficiency, SOL might drop under the $50 help stage over the subsequent few hours. Nevertheless, it ought to keep its place above the $45 help stage within the brief time period.