Solana rises to 4th largest crypto, showing bullish momentum with a market cap boost and key support at $182 and $186.
SOL faces resistance at $193-$194. A break with strong volume could push the price toward $200.
SOL’s MACD and RSI indicate potential bullish momentum, with the price up 4.47% in 24 hours.
Solana (SOL) has overtaken Binance Coin (BNB) to become the fourth-largest cryptocurrency by market capitalization, reclaiming the $190 level. The overall crypto market has benefited from recent developments and broader market support. While the launch of the spot Ethereum ETF did not significantly impact prices, the recent Bitcoin conference appears to have bolstered investor confidence.
Solana’s price action indicates a strong upward movement, demonstrating bullish momentum. The price increased from around $183 to $193, signaling a robust recovery and buying interest. The price found initial support at $182, the lower end of the day’s price movement, before beginning its upward trend.
Another minor support level was observed at $186, where the price experienced brief consolidation before continuing its rise. Currently, the price faces resistance at $193. A break above this level with strong volume could lead to further upside, with $194 acting as a psychological resistance due to its proximity to a round number.
The market cap of Solana has increased by 5.37%, reaching $89.5 billion, which reinforces the positive sentiment surrounding the cryptocurrency. However, trading volume has decreased by 18.83%. This suggests that while the price has increased, buying pressure may be tapering off, which could lead to some consolidation around the resistance level.
In a bullish scenario, if Solana breaks above the $193-$194 resistance with high volume, it could continue its uptrend towards higher resistance levels, potentially reaching $200. Conversely, in a bearish scenario, if Solana fails to break above $193 and the volume continues to decrease, the price might retrace back to test support levels around $186 or $182.
The live Solana price today is $192.04, with a 24-hour trading volume of $2,651,740,512. Solana is up 4.47% in the last 24 hours. 1-week Relative Strength Index (RSI) reads 57.75, indicating that the coin is neither overbought nor oversold.
SOL/USD 1-week price chart, Source: Trading view
Additionally, the 1-week Moving Average Convergence Divergence (MACD) trading above the signal line suggests that there may be some bullish momentum building for Solana in the short term.
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