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Solana (SOL) Price Fumbles After Brief Bullish Rally

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Solana (SOL) Price Fumbles After Brief Bullish Rally

  • Solana has been up 0.85% in the last 24 hours.
  • Currently, the price is hovering around the $80 mark, awaiting the next trend.

The crypto market has just exceeded the $1.75 trillion level due to the current surge. Inflation rates created a lot of noise and drove the crypto market down. The bitcoin price had been hovering around $40,000, but it has suddenly dropped below the $39,000 mark.

The sudden drop in the price of most cryptocurrencies, including Solana (SOL), put a stop to their upward trajectory. Currently, the price is hovering around the $80 mark, awaiting the next trend to take over and might move the market down.

Solana (SOL) Price Fumbles After Brief Bullish Rally
SOL/USDT: Source: TradingView

On the daily chart of SOL, there seems to be a positive divergence between the price and the Relative Strength Index. The RSI has been reaching a succession of higher highs while producing lower lows. The market may soon break out of oversold territory if this kind of market activity continues.

Trend Reversal Chances Slim

Almost seventy percent of SOL’s all-time high has been wiped off since its peak on November 6. In contrast, Terra’s LUNA token has risen to a new all-time high on Wednesday, shrugging off shaky market circumstances. SOL, on the other hand, is falling behind.

However, the chances of a trend reversal are slim since the volume has shrunk dramatically compared to the prior rebound. In addition, the current rebound from the $80 level on March 8 is far less than the rebound from the end of February, which was much more significant. Therefore, Solana’s (SOL) price may not see a bullish setup anytime soon. According to CoinMarketCap, the Solana price today is $82.58 USD with a 24-hour trading volume of $1,888,701,535 USD. Solana has been up 0.85% in the last 24 hours.

The post has appeared first on thenewscrypto.com

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