The cryptocurrency has been underperforming over the previous few hours, however Solana has outperformed the market at present.
The cryptocurrency market has misplaced lower than 1% of its whole worth over the previous 24 hours. Following this poor efficiency, the entire crypto market now stands above $1.2 trillion after shedding almost $300 billion the earlier week.
Bitcoin, the world’s main cryptocurrency by market cap, is down by lower than 1% up to now at present. 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 worth above the $2k psychological degree 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 present trades above $54 per coin.
There are not any obvious catalysts behind Solana’s ongoing constructive 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 constructive 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. Nonetheless, the MACD line might quickly cross into the constructive territory if the rally continues.
The 14-day RSI of fifty reveals that SOL is not within the oversold area. If the rally continues, Solana might surge previous the primary main resistance degree at $60 earlier than the top of the day.
Nonetheless, SOL would wish the help of the broader cryptocurrency market if it should transfer previous the $70 psychological degree.
Within the occasion of a bearish efficiency, SOL might drop under the $50 help degree over the following few hours. Nonetheless, it ought to preserve its place above the $45 help degree within the brief time period.