The cryptocurrency has been underperforming over the previous few hours, however Solana has outperformed the market today.
The cryptocurrency market has misplaced much less than 1% of its complete worth over the previous 24 hours. Following this poor efficiency, the full 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 much less than 1% thus far today. At press time, Bitcoin is buying and selling at $29,683, down by 11% during the last seven days.
Ether maintains its place because the second-largest cryptocurrency by market cap. ETH has additionally maintained its value above the $2k psychological degree over the weekend.
SOL, the native token of the Solana ecosystem, is the most effective performers amongst the highest 10 cryptocurrencies by market cap. SOL has added more than 4% to its worth within the final 24 hours and at present trades above $54 per coin.
There aren’t any obvious catalysts behind Solana’s ongoing constructive efficiency. SOL has outperformed the broader cryptocurrency market, which is down by much less than 1% within the final 24 hours.
Key ranges to look at
Despite the continued constructive efficiency, the SOL/USD 4-hour chart stays bearish. This is as a consequence of Solana’s poor efficiency over the previous few days.
The MACD line stays under the impartial zone at -1.186, indicating bearish momentum. However, the MACD line may 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 may surge previous the primary main resistance degree at $60 earlier than the tip of the day.
However, SOL would wish the assist of the broader cryptocurrency market if it’s going to transfer previous the $70 psychological degree.
In the occasion of a bearish efficiency, SOL may drop under the $50 assist degree over the following few hours. However, it ought to preserve its place above the $45 assist degree within the brief time period.