- Solana price surpassed its resistance at $145 in the last 24 hours.
- The token’s daily trading volume surged by 123.19% according to CMC data.
Over the last 24 hours, in an interesting turn of events, the crypto market has begun to show bullish sentiments. The overall market cap has increased by 4.07% while daily trading volume surged 47.66%. Leading cryptocurrencies such as Bitcoin and Ethereum surpassed previous resistance levels and attempted price recovery.
Notably, the second largest altcoin, Solana, has shown a price increase of 9.70% in the last 24 hours. At the beginning of the day, the token traded at a low of $144. However, in the following hours, the token’s prices began to spark bullish candles and surpassed several resistance levels at $150 and $155. At the time of writing, the token was trading at $157.90 as per CMC data.
Zooming out, over the past week, the altcoin struggled to see bullish takeovers of the trading cycles. Its weekly price performance stands at a 13.14% increase influenced by the bullish turn of the past day. Moreover, Solana’s daily trading volume also showed a significant surge of 108%.
On the other hand, while the expectations for spot Solana ETFs have been on the rise in the US, there hasn’t been much progress from the SEC’s side. Meanwhile, other countries have witnessed the launch of spot Solana ETFs.
Will Solana (SOL) Witness a Price Breakout?
According to TradingView data, the token’s short-term 9-day MA stands above the long-term 21-day MA. This indicates the bullish turn in the last 24 hours. Moreover, the current price rally has also instigated a buying sentiment in the market. Solana’s RSI standing at 75.37 highlights this market sentiment.
SOL/USDT 4H Price Chart (Source: TradingView)
Furthermore, if Solana manages to sustain this current positive momentum, it might witness price breakouts in the coming days. Relatedly, market analyst Ali stated on his X account that Solana might hit $164.
Meanwhile, Ethereum also surpassed its resistance at the $2.6K level in the last 24 hours.
