- Solana trades at $159, marking a brief decline of 1.82% over the last 24 hours.
- The market observed a liquidation of $11.43 million worth of SOL.
The prevailing cryptocurrency market sentiment is uncertain. This week is crucial for the overall market in light of the US election. Historically, Bitcoin and other major altcoins have displayed positive momentum after the US presidential election. The market anticipates a similar picture, with the assets potentially hitting new highs after the election.
The fifth-largest cryptocurrency, Solana (SOL), remains in a consolidation phase as the broader crypto market’s momentum is at a critical juncture. Despite a steady surge over the last month, SOL is currently grappling to enter the bullish territory.
Notably, over the last 24 hours, SOL lost over 1.82%. The asset managed to hit a high of $164.71. Despite the surge, the price did not rise further and instead dropped to a low of 155.17.
At press time, SOL is trading at $159.91, and the daily trading volume has increased by 12.80%, standing at around $2.86 billion. Meanwhile, Solana has witnessed a 24-hour liquidation of $11.43 million, as per Coinglass data.
On the other hand, a crypto whale, with approximately $87 million in profits, has sold 92K Solana tokens worth $14.58 million. Since November 1, the whale has offloaded a total of 357,070 SOL, valued at approximately $58.54 million. The whale still holds 52,089 JitoSOL and 126,548 SOL.
Can Solana Conquer the Bears?
As SOL’s Moving Average Convergence Divergence (MACD) indicator settles beneath the signal line, indicating a downside pressure and an impending bearish trend, Solana’s four-hour technical chart reflects the current negative market sentiment.
Besides, the altcoin is approaching the neutral zone in the market, as suggested by the daily relative strength index (RSI), which is positioned at 40.26. Moreover, the asset’s daily frame displays the short-term 9-day moving average below the long-term 21-day moving average.
Assuming SOL’s revival, the asset’s price could rise to a potential $163 range initially. Subsequent resistance might be found at $167. Analysts predict SOL could reach the $185 to $200 range if its upward momentum continues.
However, a strong bearish trajectory of SOL could take the price to immediate support at $154. Further declines will drive the altcoin’s price to slip even lower to the $150 range.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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