- The price of the Solana (SOL) has seen a good gain in the last 24 hours given the current crypto market outlook.
- The 8 EMA on the daily chart for SOL/USDT seems to be acting as a resistance level for SOL’s price as SOL’s price attempts to break past the line.
- There could be a small retracement, followed by a bullish pump to $70.
SOL is one of the handful of crypto projects on CoinMarketCap’s list that have seen a price gain in the last 24 hours as its price rises by around 4.42% at the time of writing. The price of SOL now stands at $53.79. However, SOL is still down over the last 7 days by 27.40%.
SOL’s price has also strengthened against Bitcoin (BTC) and Ethereum (ETH) by around 4.93% and 5.40% respectively at the time of writing. Currently, SOL is worth approximately 0.001813 BTC and 0.02668 ETH.
Ranked number 8 on CoinMarketCap’s list of the largest cryptocurrency projects by market cap, SOL’s market cap currently stands at $18,163,174,754. The daily trading volume of SOL is up as well by 22.92%, with its 24 hour trading volume summing up to $1,955,113,121.
The 8 EMA on the daily chart for SOL/USDT seems to be acting as a resistance level for SOL’s price as SOL’s price attempts to break past the line. There has also been more buy volume entering SOL’s market over the last 5 days. However, bears are not giving up the fight, currently dominating today.
If the price of SOL breaks past the 8 EMA line, then we could see a trend reversal. There may be a slight retracement over the next day or two. As long as the retracement is smaller than the move from $45 to $58, there will be room for SOL to jump to around $70 after breaking past the 8 EMA.