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 whole worth over the previous 24 hours. Following this poor efficiency, the full crypto market now stands above $1.2 trillion after shedding practically $300 billion the earlier week.
Bitcoin, the world’s main cryptocurrency by market cap, is down by much less than 1% to this point today. 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 value above the $2k psychological degree over the weekend.
SOL, the native token of the Solana ecosystem, is among the best performers amongst the highest 10 cryptocurrencies by market cap. SOL has added more than 4% to its worth within the final 24 hours and presently trades above $54 per coin.
There are not any obvious catalysts behind Solana’s ongoing optimistic efficiency. SOL has outperformed the broader cryptocurrency market, which is down by much less than 1% within the final 24 hours.
Key ranges to observe
Despite the continued optimistic efficiency, the SOL/USD 4-hour chart stays bearish. This is on account 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 optimistic 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 top of the day.
However, SOL would wish the help of the broader cryptocurrency market if it would transfer previous the $70 psychological degree.
In the occasion of a bearish efficiency, SOL may drop under the $50 help degree over the subsequent few hours. However, it ought to preserve its place above the $45 help degree within the quick time period.
