Solana

On May 2, 2024, amidst a continuous fall in the <a href="https://news.todayq.com/crypto-bulls-bleed-as-bitcoin-struggles-will-bears-take-over/" rel="noopener noreferrer nofollow">cryptocurrency market</a>, Solana, the world’s 5th biggest cryptocurrency, broke its bearish streak and surged massively. According to data from CoinMarketCap, Solana (SOL) experienced a massive price surge of over 11% after 8 days of continuous price falls. Why Solana (SOL) price is increasing? 
With this surge in SOL’s price, theTotal Value Locked (TVL) in the last 24 hours increased by nearly 5%. This surge in price, OI, and TVL in the last 24 hours highlights investors’ and retailers’ interest in SOL, suggesting a possible change in sentiment. 
With all these bullish signs, SOL is currently trading near $134, experiencing over 11% upside momentum in the last 24 hours. Looking at SOL’s performance over a longer period, in the last 7 days, it experienced over a 9% price fall, while in the last 30 days, it faced over 27% downside momentum.&nbsp; Solana technical analysis and key levels 
According to expert technical analysis, SOL is currently looking bullish due to multiple factors, including the following:
<ul>
 <li>On the daily time frame, SOL’s Relative Strength Index (RSI) is in the oversold zone, and there is also a bullish divergence. According to historical data and price action terms, a bullish divergence is a sign of an upcoming bull rally.</li>
 <li>SOL’s price surged over 60% following the breakout of a strong resistance level near $125. Since then, it has not retested this breakout zone, but after a massive fall or profit booking, SOL retested its previous breakout level, which is another bullish indication for SOL.</li>
 <li>With the recent market fall, SOL found support from its 200-day Exponential Moving Average (EMA) and is currently trading above it, which is also a sign of bullishness.</li>
</ul>
Considering all these factors, there is a high chance that in the coming days, SOL will hit the $155 level first, and later, if it sustains above, there is also a possibility that it will hit the $200 level.
Besides SOL’s impressive performance on May 2, 2024, the crypto meme sector is also bullish, with top meme coins like PEPE and WIF experiencing a massive over 14% price surge, while DOGE and SHIB also gained slight upside momentum.

Solana ends bearish streak with 11% surge, Are SOL bulls back?

Todayq News

2024년 5월 2일에 게재된 다른 기사

Battle of The Meme Coins and AI tokens: KANG vs FET vs AGIX

Bitcoin Falls Below $57,000 as Hopes of Recovery Fade

Dogecoin’s Head & Shoulders Pattern Sparks Macro Retest: Analyst Identifies Potential Catalyst fo...

US Justice Department Cracks Down on Crypto Wallets

Here’s how the crypto community is propelling memecoins!

Senator Lummis Challenges Biden’s Crypto Policies

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!