- Solana (SOL) hit $160 after a temporary spike of 1.68% in the relaxation 24 hours.
- A token release occasion, unlocking $360.78 million worth of SOL, is scheduled in September.
Solana (SOL), the fifth-largest cryptocurrency by market cap, has drawn out its marginal beneficial properties. After a 1.68% spike, SOL chose a temporary bullish rally for the day, breaking the outdated resistance ranges.
Over the relaxation 24 hours, SOL managed to hit a excessive of $162. Despite the surge, the SOL worth did no longer upward thrust additional and as an alternative dropped to a low of 155. Within the mean time, SOL is trading at $160. Amid this, SOL’s day to day trading volume has dropped by over 23.80%, standing at round $2 billion, in maintaining with CMC data.
In step with on-chain data, a whale has created a brand new wallet and withdrawn 3,175 SOL, worth approximately $508K. Notably, over the last 24 hours, Solana has experienced a $4.28 million liquidation, as per Coinglass data.
On the alternative hand, in August, the altcoin market recorded over $2.26 billion in token unlocks. While taking a see into September, the total altcoin unlocks is anticipated to exceed $2 billion again. An approximate $340 million worth of SOL was once unlocked into the market this month. Solana anticipates unlocking approximately $360.78 million worth of SOL tokens in the next month.
Can SOL Continue Defending the Bears?
Evaluating the past month, Solana has declined by 8.92% and marked the month-to-month low at $112. When taking a see at the weekly worth momentum, an everyday spike above 12% is notorious. SOL climbed from the $139 vary to a excessive of $162.
Assuming SOL’s revival, the initial resistance can also very successfully be at $168, and if the bullish sentiment sustains, the pricetag will skedaddle excessive. Conversely, a stable bearish trajectory of SOL can also carry the pricetag to instantaneous give a carry to at $153.
As per the 24-hour worth chart, Solana’s day to day relative strength index (RSI) stood at 57.57, indicating the asset’s presence in the neutral zone. Furthermore, at the time of diagnosis, the token’s short-term 9-day MA and prolonged-term 21-day MA receive been at $149 and $148 respectively, below the most up-to-date worth, as per TradingView data. This displays SOL’s temporary drag into the bullish zone.
