Solana price has factored in a modest price increase of 1.23% in the past day.
The altcoin’s daily trading volume has dipped by 21.63% as per CMC data.
Cryptocurrency yet again finds itself on the road to recovery, after yesterday’s market crash. The overall market cap shows a mild price increase of 1.33% while the trading volume still remains on the negative. Leading cryptocurrencies such as Bitcoin and Ethereum attempt to regain previous trading levels by combatting key resistances.
Notably, one of the leading altcoins, Solana has factored in a 1.23% price increase in the past day. This reflects the cryptocurrency’s struggles to re-establish the previous bull run. In the Asian morning hours of December 11, SOL was trading at a high of $216.25. However, following this, it dipped further to an intra-day low of $203.21.
Moreover, the market crash caused by increased liquidations caused SOL to fall from a high of $237 to the $218 support level. The altcoin, after falling close to $200, has failed to test $220 in the past day. At the time of writing, SOL was trading at $218.49, according to CMC data.
When stepping back, on to the altcoin’s weekly chart it shows a descending trend. Solana, in the last 7 days has incurred an 8.89% price drop. This has pulled the token from its $238 high to current levels. It is also notable that Solana recently hit its ATH during the AltSeason triggers at the end of November.
What Do Technical Analyses Suggest For Solana Price?
Inferring Solana’s 4-hour price chart, its price movements indicate a descending channel pattern. This shows that the cryptocurrency is currently facing a bearish pattern and suggests further declines. Additionally, the bull power indicator value – 2.16 and the bear power indicator value, -3.98 further corroborate this analysis.
SOL/USDT 4H Price Chart (Source: TradingView )
Secondly, the Moving Average Convergence Divergence (MACD) signal line stands below the MACD line. However, the signal line recording recent price activity has moved closer to a crossover. This indicates signs of recovery as presented by the charts on TradingView data.
#Solana $SOL will hit $4,000, based on this cup and handle pattern! pic.twitter.com/dXZLI9urOh
— Ali (@ali_charts) December 10, 2024
Moreover, market analyst Ali has also predicted from its monthly chart, that Solana might hit $4000 as indicated by its cup and handle pattern. Other altcoins such as XRP and Tron have also begun sparking bullish candles.
Highlighted Crypto News Today:
Bitcoin Miner MARA Joins Bitcoin Buying Frenzy with $1.1B Acquisition
