Solana’s [SOL] Overbuying Spree Could Push The Asset Back To $80


The crypto market was trying to pave a path for the bull, but the bears didn’t seem to be okay with this. However, a few coins like Bitcoin [BTC], Solana [SOL], as well as, Binance Coin [BNB] managed to strike a deal with the bull.

Bitcoin [BTC] was on a hot streak as its price surged all the way to $48,683 with a 3.56% increase in the last 24-hours. BTC’s price action led to speculations of the coin hitting $50K. Other assets like BNB were also seen bagging gains. BNB hit $451 and garnered profits of 5.39% over the day.

Other assets like Cardano [ADA], XRP, Polkadot [DOT] kept it low-key as they did not make profits nor did they incur major losses.

Solana’s upward trajectory did not stop. The altcoin bagged gains up to 76% over the last seven days. At the time of writing, SOL was trading for $77 with a 7% surge in the last 24-hours. The asset even hit an all-time high of $81, earlier today.

Additionally, Solana grew in terms of market cap as well. The asset climbed up the crypto ladder and landed 10th position. The market cap of the altcoin was at $21.89 billion.

Solana [SOL] one-day price chart on Binance

The bulls settling down in the SOL market. The indicators used in the one-day price chart of SOL on Binance were all inclined towards the bull. The Bollinger Bands indicator was diverging and the huge gap between the bands suggested that the asset would be undergoing major fluctuations in its price.

This surge in volatility could pose beneficial for the altcoin as the Chaikin Money Flow [CMF] indicator remained in the bullish arena. The CMF marker was above the zero median on the positive side of the horizon.

Furthermore, the Relative Strength Index [RSI] indicator noted that SOL was being overbought at the moment.



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