Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
Solana has joined the ongoing market rally, forming a new bottom around the $80 price mark and now eyeing the $90 resistance mark. This uptick comes as the digital currency confirmed the formation of a golden cross on a lower time frame, setting up a basis for a stronger rally in the short term.
Solana on-chain metrics flip positive
According to data from CoinMarketCap, every visible Solana metric is in positive territory. Solana volume has jumped by more than 88% in the past 24 hours as total SOL traded in dollar terms surpassed $6 billion.
This volume shift shows more interaction with the asset by market traders as a broader shift in the industry shows a relief rally is underway.
Market data suggests a golden cross formation has formally been logged by Solana. This golden cross appeared on the four-hour chart as the short term 9-day moving average has crossed above the longer-term 21-day average.
The shift in Solana comes following the price bottoming at a daily low of $78.43. At the time of writing, the digital currency is now changing hands for $84.67, up by 5.43% in the past 24 hours.
The Solana price has faced many bearish triggers in the past few months, shown by its more than 71% drawdown from its all-time high of $294.33.
Market rebound here to stay?
Solana is not the only altcoin that has seen a similar relief rally. As of writing time, Ethereum has hit a multiweek high of $2,251, up by 5.83% in the past 24 hours.
XRP has rallied 4.64% to $1.381, and Cardano has reclaimed the $0.26 resistance atop a 6.32% uptick in the past day.
Amid the broader market rebound, the consensus is that the bottom is yet to form, and traders risk falling into a bull trap. However, with capital flowing back into crypto funds, altcoins like Solana and XRP may shine brighter in the coming weeks.
Dan Burgin
U.Today Editorial Team
Vladislav Sopov
