Crypto News

Solana [SOL] Steals The Crypto Spotlight With Its 10% Daily Surge

The crypto market was seen witnessing a tiff between the bull and the bear. However, the bull was making sure to give all its attention to Solana [SOL]. The altcoin managed to bag the most gains over the last couple of hours while all the other assets were seen trying to steer clear from the bear.

After surging by over 20% through the week, Bitcoin [BTC] was seen taking a backseat. The king coin dipped by 2% and found itself at $38K. Ethereum [ETH] managed to stay still and did not notice major fluctuations in its price.

Moving onto Solana [SOL], the fourteenth largest cryptocurrency had all eyes on it. The altcoin, at the time of writing, was trading for $30.97 with a 10.52% surge over the last 24-hours. Even though the altcoin barely bagged gains throughout the week, it managed to secure profits over the last 24-hours.

The altcoin’s price change and the advancements that the Solana network has been making are commended by many in the crypto-verse. Despite this, the asset hasn’t found its way into the top ten. During press time, SOL’s market cap was at $8.47 billion, almost at par with that of Chainlink [LINK].

Solana [SOL] one-hour price chart on Binance


The one-hour or short-term price chart of SOL was seen harboring the bear. Despite the altcoin’s daily surge, the hourly chart suggested that it would endure loss or stay still at its current zone. The Parabolic SAR indicator switched sides and moved upwards over the candlestick. This line stood as an obstruction against any possible uptrend. This was followed by red closing bars formulated by the Awesome Oscillator indicator. These lines revealed that SOL was in for a downward ride.

The Relative Strength Index [RSI] indicator remained untethered on the 50 median. This further indicated a buyers’ market, however, the marker could flip sides and move over to the sellers’ side.

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