Solana (SOL) Defies Crypto Trend with 5% Price Surge, Future Uncertain
Solana Rises by 5% in 24 Hours: What’s Next – Rally or Crash?
Solana (SOL) has held up well despite the current bearish market. The price has risen by more than 5% in the last 24 hours. This is a bullish sign, but it could also mean a crash. Here’s why.
Solana Pumps!
The ETF approval has affected the prices of most cryptocurrencies as their price charts turned red. However, Solana behaved differently and started a bull run. At the time of writing, SOL was trading at $96.88, with a market capitalization of more than $41.8 billion, making it the fifth largest cryptocurrency.
Despite the price increase, SOL’s social dominance decreased over the past week, meaning its popularity decreased. Its weighted sentiment also remained low, suggesting that the bearish sentiment around the token prevailed in the market.
Will Solana’s Price Continue to Fall?
According to the latest data, the price of SOL was in a pattern suggesting that SOL’s price could fall. Crypto Tony, a popular crypto analyst, recently posted a tweet highlighting the scenario. According to the tweet, Solana’s price could fall to $76, which could prove to be a great opportunity for investors to accumulate more SOL.
However, our analysis found that the likelihood of SOL falling to the mentioned level is low, as its Binance funding rate remained high. This means that derivative investors were buying SOL at its higher price at the time of the press. In addition, SOL’s open internet rose along with its price, suggesting a continuation of the current trend.
Realistic or Not, Here’s SOL’s Market Capitalization in BTC Terms
To better understand what to expect from Solana, we reviewed SOL’s daily chart. Notably, SOL’s Money Flow Index (MFI) and Relative Strength Index (RSI) recorded slight upward trends, suggesting a potential price increase. However, the remaining metrics were not so positive. Solana’s MACD showed a clear bearish crossover. Its Chaikin Money Flow (CMF) also took a southward direction, suggesting an imminent end to the token’s bull rally.
Conclusion
Despite the recent price increase, Solana’s days as one of the top cryptocurrencies may be numbered. With decreasing social dominance and a bearish market environment, we could experience a crash in SOL’s price. Nevertheless, Solana remains an attractive option for investors willing to take the risk and potentially accumulate more SOL if the price drops.
Source: AMBCrypto, Santiment, TradingView
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