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

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