- SOL’s price is up more than 16% over the last 24 hours.
- The Ethereum-killer has also dwarfed the price performances of BTC and ETH.
- Technical indicators suggest that SOL’s move may be reaching its peak.
Solana (SOL) may be rising from the ashes following the FTX downfall. According to CoinMarketCap, the Ethereum-killer has risen a remarkable 16.14% over the last 24 hours. This has also taken its weekly price movement to over 32.86%, at press time. As a result, SOL is now changing hands at $13.55.
SOL’s price has also overshadowed that of the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 14.94% and 12.94%, respectively.
Trading volume for the altcoin has also surged over the last 24 hours. Currently, the total daily trading volume for SOL is up 117.93% – taking the total to $1,401,640,190.
The price of SOL has been able to rise above the 9-day and 20-day EMA lines to trade near the resistance level at $14.64. However, the resistance level appears to be holding its own as the price of SOL was immediately pushed back down upon reaching the level, as can be seen by the wick above the current daily candle.
In terms of technical flags, the 9-day EMA is positioned below the 20-day EMA line, which is a bearish flag. However, it seems that the 9-day EMA may cross bullishly above the 20-day EMA line in the next 2 days. Should this happen, the price of SOL will successfully break above the aforementioned resistance level and make a move towards $17.82.
Traders should just keep an eye on the daily RSI line which remains positively sloped towards overbought territory, but has seen its gradient descend to neutral slightly. This could be a sign that the move has reached its peak, which will leave SOL’s price at risk of dropping again.
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