• Solana jumps to $144 with a 3% gain.
  • SOL has recorded $11.74 million in liquidations in the last 24 hours.

A modest uptick in the global crypto market cap has resulted in a mix of green and red charts across assets. All major assets are attempting to reclaim lost ground, while Solana (SOL) has spiked over 3.23%.

The asset has faced a series of declines and key support retests. With this price bouncing between support and resistance levels, market analysts are watching out Solana’s price movement—potential breakout or another dip ahead. 

Solana opened the day trading at a low of $139.30, and the wake of bulls triggered it to climb toward a peak of $147.06. At press time, Solana traded at $144.47 with a $73.88 billion market cap. 

Furthermore, Solana has witnessed a 24-hour liquidation of $11.74 million, as per Coinglass data . Consequently, SOL’s daily trading volume has reached $3.5 billion.

An on-chain data reveals that Pumpfun has recently deposited 104,120 SOL worth $15 million to Kraken. Over time, the platform has deposited a total of 2,733,776 SOL valued at approximately $526 million at an average price of $192. Additionally, it has sold 264,373 SOL for $41.64M USDC at $158. 

Will Solana Hold Its Gains?

Assuming Solana jumped over the $145 level, the altcoin could target its crucial resistance near $147.37. Clearing this resistance level might open the door for a potential move toward the crucial $150.  

On the downside, a potent death cross of Solana could trigger the price to steadily fall and test the $138.12 support. A move below this range might amplify losses, edging the price toward the $130 mark.

SOL’s Moving Average Convergence Divergence (MACD) line stationed above the signal line indicates bullish momentum within the market. The asset may continue to climb if the uptrend holds. 

Solana (SOL) Gains Momentum, Is Crucial Resistance at $150 Within Sight? image 0 SOL chart (Source: TradingView )

Besides, the Chaikin Money Flow (CMF) indicator found at 0.24 suggests a positive money flow into the asset. In the meantime, the daily trading volume of Solana has slipped by over 1.36%.  

The Bull Bear Power (BBP) value of 3.82 signals that the bulls are in control of the market. Moreover, SOL’s daily relative strength index (RSI) at 64.39 infers a positive momentum, and might approach the overbought territory.

Disclaimer: The opinion expressed in this article 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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