- Solana has factored in a modest price increase of 1.87% in the last 24 hours.
- The altcoin’s daily trading volume has dropped by 18.62% as per CMC data.
The overall crypto market has been traversing towards the recovery lane in the past two days. Bitcoin has finally surpassed its $82K resistance and instilled hope among investors. This can also be seen in the altcoin sector, as leading tokens struggle to overpower the bears. Meanwhile, other subsectors have remained active in the past day.
However, one of the leading altcoins, Solana, seems to be an exception. After struggling for hours, Solana briefly showed bullish signs but once again retraced to the negative side of the spectrum. In the last 24 hours, the altcoin has recorded a modest price increase of 1.87%, as depicted in its daily price chart.
In the afternoon hours of March 12, SOL was trading at the $123 level. After bullish candles sparked, prices plummeted to an intra-day high of $130.65, but Solana failed to test the resistance. At the time of writing, the altcoin was trading at $126.24 as per CMC data.
Zooming out and looking at its weekly chart, SOL depicts significant bearish trends that resulted from the past week’s market crash. Its weekly price performance stands at a 16.08% price drop. However, this recent positive momentum might aid the altcoin in distancing itself from the $100 support.
On analyzing its recent trading patterns Solana shows signs of beginning an ascending channel, after tracing a horizontal channel in the past few days. This suggests that the altcoin might sustain its positive momentum. Moreover, its Moving Average Convergence Divergence MACD line is close to being crossed over the signal line.
If Solana manages to pull the stops on the bears for the next few days, it might manage to regain its recovery and eventually the bull run. However, the RSI value stands at 36.95 suggesting an oversold market sentiment as per TradingView data.
If Solana manages to sustain the aforementioned momentum, the RSI might enter the neutral zone. Meanwhile, other altcoins such as Celestia and Avalanche have shown significant positive trends.
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