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Solana (SOL), currently ranked the sixth-largest cryptocurrency, has reclaimed the $123 mark, following a slight recovery on the market. This has raised questions about whether the broader market sell-off that saw Bitcoin collapse below $80,000 is over.
Solana riding tide
While the price of Solana is down on the daily and weekly charts, the price has risen over key support levels. Solana remains a top market performer, following Binance Coin (BNB) in market capitalization.
According to CoinMarketCap data, SOL has a market capitalization of $63.3 billion and is trading at $123.5.
Tomiwabold OlajideThe 24-hour trading volume has increased by 48.6% to $6.3 billion, suggesting increasing investor interest. Solana’s surge to $123 is quite phenomenal, as the coin traded within the $120 range only a day prior. Specifically, the price dropped to $113, the lowest in over 12 months.
According to a U.Today report, technical analysis suggested Solana is nearing the formation of a "death cross," a pattern that often signals potential bearish momentum. Historically, a death cross pattern has often confirmed a bottom before the price rises.
Solana last saw a death cross in September 2024. In the two months that followed, SOL reached highs of $294. If this pattern holds in the current cycle, SOL could hit new all-time highs.
Is market sell-off over?
The crypto market is taking shape. However, it is still early to determine whether the market sell-off is over. Although the market has recovered slightly, the prices of top cryptocurrencies are still down. Bitcoin (BTC), the world’s largest cryptocurrency, is down 0.3% to trade at $81,188.
Gamza KhanzadaevLikewise, altcoins, including Ethereum (ETH), Solana (SOL) and XRP, are down 7.6%, 1.9% and 0.8%, respectively, over the past day. However, these cryptocurrencies are seeing increased trading volume. This means a slight recovery in the market could send the prices up.
Dan Burgin
Vladislav Sopov