Over the last 24 hours, the crypto market has shown bullish sentiments. The overall market cap has increased by 4.07% while daily trading volume surged 47.66%.
Crypto Market Growth
Leading cryptocurrencies such as Bitcoin and Ethereum surpassed previous resistance levels and attempted price recovery. Notably, the second largest altcoin, Solana, has shown a price increase of 9.70%.
Solana Price Dynamics
At the beginning of the day, the token traded at $144. However, in the following hours, the token’s prices began to spark bullish candles and surpassed several resistance levels at $150 and $155. At the time of writing, the token was trading at $157.90 as per CMC data. Over the past week, the altcoin struggled to see bullish takeovers of the trading cycles, with a weekly price performance standing at a 13.14% increase. Solana’s daily trading volume also showed a significant surge of 108%.
Potential Outlook for Solana
According to TradingView, the token’s short-term 9-day MA stands above the long-term 21-day MA, indicating a bullish turn in the last 24 hours. Solana’s RSI standing at 75.37 highlights this bullish sentiment. Analysts have suggested that if Solana sustains its current positive momentum, it may reach $164 in the coming days.
Overall, current market trends positively influence Solana's price. Analysts predict potential growth if the current sentiment continues.
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