Will Solana Recover? Here's What the Charts Say
Ranking among the top 5 cryptocurrencies, Solana has a market cap of $61.96 billion. The altcoin has surged 4.22% in the past 24 hours and is currently trading at
Ranking among the top five cryptocurrencies by market capitalization, Solana (CRYPTO: SOL) started 2023 on a bullish note. However, the FTX dump rumors and the massive sell-off in the crypto market brought Solana crashing down from the $165 peak.
Despite the bear cycle, Solana managed to achieve some milestones in early 2023. The Solana Mobiles, Saga, was completely sold out by the end of 2023. Moreover, the meme coin Bonk (BONK) fueled the rally with the Saga phone promotion by an airdrop of 30 million BONK tokens.
Solana Price Analysis
In 2024, Solana turned a high-volume zone into a support zone with a breakout rally in March, as Solana flipped Ethereum to become the number one blockchain in weekly stablecoin transfer volume.
A breakout from the high-volume zone acted as resistance, followed by a rally in early 2024, as Solana flipped Chainlink to become the number two blockchain in total value locked. Finally, a breakout from the crucial resistance brought Solana to the number one spot.
However, the recent bear cycle in crypto brought Solana down from the top position, as the massive sell-off dragged Solana out of the top 5 rankings. Currently, Solana ranks 5th with a market cap of $61.96 billion.
Solana Price Chart Analysis Daily 2024 by TradingView
Technical Analysis
Solana price action in the daily chart reveals a new bear cycle within a large symmetrical triangle from the $165 peak. The selling spree takes a sideways shift near the crucial support of $126. Further, a demand zone supports the $126 level, extending between $120 and $125.
Solana started the day with a gain of 4.75%, but the intraday pullback of 0.74% reveals a minor exhaustion in bullish powers.
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