Yalla-Crypto - Cryptocurrencies are once again on the road to recovery after the recent market crash. The overall market cap is up slightly by 1.33%, while trading volume is still in the negative trend. Leading cryptocurrencies like Bitcoin and Ethereum are trying to regain their previous trading levels by facing major resistance levels.
Solana Performance Amid Recovery Solana, one of the leading altcoins, has seen its price increase by 1.23% over the past day, reflecting its struggle to re-establish previous bullish momentum. During the Asian morning hours on December 11, SOL traded at a high of $216.25, before falling to a daily low of $203.21.
The market crash caused by the increased liquidation led to the price of SOL dropping from $237 to the support level at $218. After approaching the $200 level, the coin failed to test the $220 level over the past day. At the time of writing, SOL is trading at $218.49 according to CMC data.
Solana Weekly Trend Looking at the weekly chart of Solana, it shows a bearish trend. Over the past seven days, the coin has recorded a decline of 8.89%, pushing it from a high of $238 to its current levels. It is worth noting that Solana reached its all-time high (ATH) at the end of November during the AltSeason wave.
What does technical analysis say about Solana price?
Price Pattern: The 4-hour chart of SOL/USDT shows that the cryptocurrency is moving in a descending channel, indicating a bearish pattern that could lead to further declines.
Bull and Bear Power Index: The Bull Power Index is at 2.16, while the Bear Power Index is at -3.98, which supports the possibility of a continuation of the downtrend.
MACD Indicator: The Moving Average Convergence Divergence (MACD) indicates that the signal line is below the MACD line, with a crossover between them approaching. This indicates signs of a possible recovery.
Market Forecast According to market analyst Ali, Solana could reach $4000 as indicated by the cup and handle pattern on the monthly chart. Meanwhile, other altcoins like XRP and TRON have started to light up bullish candles, adding to the optimism in the market.