Solana is currently trading at $166, reflecting a 4.87% gain over the past 24 hours. Over this period, SOL saw liquidations amounting to $11.28 million. The cryptocurrency market has been experiencing a bullish trend, with the total market cap reaching $2.36 trillion, as major digital assets strive for recovery in the latter half of October. Among these, Solana (SOL), the fifth-largest cryptocurrency, has extended its gains by 4.87%, pushing through resistance levels during its upward rally.
At the start of the trading day, Solana was priced around $159, but it managed to peak at $171.43. As of now, SOL is trading at $166.64, with its daily trading volume surging by over 114%, reaching approximately $3.70 billion, according to data from CMC.
Over the past week, SOL has demonstrated a positive trend, achieving an 8.95% gain. Earlier in the week, it was trading at $152, fluctuating to reach $157.
Meanwhile, a significant investor (a “whale”) offloaded 22,726 SOL, valued at $3.86 million, at a peak price. This particular whale is known for buying Solana at lower prices and selling it during price surges. Despite this recent sale, the whale still holds 20,000 SOL, worth $3.33 million.
Will Solana Maintain Its Current Position?
The four-hour technical analysis of SOL indicates that the asset could be approaching the overbought zone, with the daily Relative Strength Index (RSI) at 69.45. Additionally, the short-term 9-day moving average trending above the long-term 21-day moving average suggests continued positive momentum.
Looking ahead, Solana’s Moving Average Convergence Divergence (MACD) line is positioned above the signal line, indicating an upward trend.
Based on the daily price chart, SOL might test nearby support at $159, with potential to dip further to $153. These levels are key to maintaining its price stability.
If the bullish trend continues to gain momentum, SOL could climb back up to $171, with the next target at $176. Reaching these levels would further affirm a sustained bullish outlook.
Disclaimer: The views expressed in this analysis are solely those of the author and do not constitute investment advice. Readers are encouraged to conduct their own research before making any investment decisions.
