Solana

Green

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
Solana's CVD indicator has just shown that the buying surplus on the asset is reaching $29 million, and it will most likely move upwards from here as the <a href="https://u.today/ethereum-skyrockets-100-against-bitcoin-in-annual-revenue" rel="noopener noreferrer nofollow">market</a> recovery continues. However, it is important to use the metric correctly.
SOL's CVD, which tracks net buying and selling, was positive over the previous week and came in at $29 million. If this positive net buying trend persists, it may indicate elevated demand for the asset and lead to a bullish trend reversal. The Cumulative Volume Delta, or CVD, gives traders insight into the relative abundance of buyers and sellers on the <a href="https://u.today/shytoshi-kusama-drops-location-hints-at-next-shib-focus" rel="noopener noreferrer nofollow">market</a>.&nbsp; <img alt="SOLUSDT" data-entity-type="file" data-entity-uuid="a134808c-d989-4d9d-940d-6effdbedc1db" src="https://u.today/sites/default/files/inline-images/image_958.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">SOL/USDT Chart by TradingView</a>
Positive CVD indicates a greater degree of buying pressure than selling pressure. The information supplied demonstrates that Solana's buying activity on a number of exchanges, including Binance, Coinbase and Kraken, significantly increased following the VanEck spot ETH ETF report.&nbsp;
The price chart of <a href="https://u.today/xrps-battle-for-05-begins-heres-why-solana-sol-cant-reach-150-ethereum-eth-on-verge-of-this-level" rel="noopener noreferrer nofollow">Solana</a> is trading at approximately $14. The asset has experienced some pullback after encountering resistance at the 50 EMA at $155. Even with these brief oscillations, the fact that it is still above the 200 EMA indicates that the overall trend may still be bullish.
In order to validate a stronger bullish trend, Solana must break above the $150 psychological threshold. Reaching this mark would indicate more momentum and might draw in more customers.&nbsp;
A crucial support level is found at $131, which is the 200 EMA. Solana needs to hold onto this support in order to stop additional losses and keep the current bullish sentiment going. The $29 million positive CVD is a strong indication of bullishness and may become a foundation for a bull market. It could be wise to keep an eye out for sustained positive net buying, as this is the only thing that matters for the asset right now.

Major Solana (SOL) Indicator Just Flashed Green

U_Today

Artikel lain yang dipublikasikan pada 3 Jul 2024

ChainGPT and Cosmos Struggle to Keep Up in the Race As MoonBag Referral Offers 10% Cashback, Do C...

SlowMist flags private key leaks as leading cause of crypto hacks in Q2 2024

94 Trillion SHIB Tokens Await Their Fate as SHIB Price Dips 4%

UAE Real Estate Leader MAG Joins Forces with MANTRA to Tokenize $500 Million in Property Assets

Ripple Uses Binance Decision to Bolster Its Case

Disappointed Sei and Arweave Investors Get Golden Ticket to Riches with Qubetics Whitelist

Bergabunglah dengan buletin gratis kami untuk pembaruan kripto harian!