Solana (SOL) maintained a tight price range as the token consolidated above the crucial $80 support level following a two-week consolidation. The price consolidated within a tight range as investors gauged the short-term strength of the market.
As of writing, Solana (SOL) is trading at $84.30, up by 3.61% in the last 24 hours, according to CoinMarketCap data. The trading volume declined by 5.08% to $3.08 billion as the price rebounded.
Source: CoinMarketCap
SOL Forms Higher Lows Near Support
Crypto analyst Zaylia Grace highlighted that SOL hovered around $84.50 after steep selling earlier in the month. She noted that buyers have defended the $80 region several times this week.
The structure also formed higher lows near this zone, suggesting early stabilization despite the broader bearish pressure.
Grace further explained that the sell volume continues to decrease as the price action flattens. She said that a pullback from the $80 level could lead to a range between $90 and $98. However, a strong break below the $79 level could lead to a sweep below the recent lows.
Analyst More Crypto Online mentioned that the next micro-support for the coin could be at the $79.50 level. The corrective wave (2) for the the token still seemed to be extending. The market remains vulnerable to changes in traders’ sentiment as liquidity dries up for the major altcoins.
Source: X
RSI and MACD Show Easing Bearish Momentum
The Relative Strength Index (RSI) stood at 37.39, whereas the signal line is at 32.32. The increase in the Relative Strength Index indicated that the bearish pressure was easing. However, the buyers had not yet gained sufficient strength.
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The Moving Average Convergence Divergence (MACD) indicated a change in the momentum of the prices. The MACD line sits at -8.63, whereas the signal line stands at -10.01. The histogram stood at 1.38, indicating a decline in the bearish momentum.
Source: TradingView
CoinGlass data shows that the futures volume rose by 2.11% to $8.32 billion. The Open Interest increased by 0.66% to $5.24 billion. The OI Weighted Funding Rate is negative at -0.0036%, implying bearish sentiment among perpetual traders.
Source: CoinGlass
In the last 24 hours, total liquidations amounted to $9.34 million. The short positions were $5.65 million, and the long were at $3.69 million.
Source: CoinGlass
Also Read: Solana Futures Flip Bearish as Revenue Hits 4-Month Low