Key takeaways
- Solana’s SOL is down 1% in the final 24 hours and is drawing end $160 after losing to $146 on Tuesday.
- The cryptocurrency can even reclaim the $170 excessive if the recovery continues.
SOL recovers from the Tuesday dump
SOL, the native coin of the Solana ecosystem, is buying and selling end to the $160 mark after recording big losses on Tuesday. The coin dipped to the $146 mark on Tuesday, sweeping the low of August 4th earlier than embarking on a recovery.
It has now added nearly 5% to its price over the earlier few hours and is now buying and selling at $159 per coin. The actual performance comes because the broader cryptocurrency market recovers from the dump.
Bitcoin temporarily dipped below $100k on Tuesday nonetheless has now recovered and is buying and selling above $102k per coin. Ether is additionally buying and selling above $3,300 after making an try out the $3k psychological stage.
SOL can even rally to $170 amid market recovery
The SOL/USD 4-hour chart is bearish and atmosphere friendly because the cryptocurrency has underperformed in present days. The technical indicators stay bearish nonetheless are showing signs of recovery.
The 4-hour RSI of 32 methodology that SOL is currently in the oversold space. This can even give it a breather and enable the coin to rally higher in spite of every part to time-frame. The MACD lines are additionally interior the bearish space, suggesting selling tension.
If SOL continues its recovery, it would possibly in all probability even rally in direction of the principle main resistance stage at $170 over the next few hours. An prolonged bullish shuffle would enable the cryptocurrency to tackle the swing excessive at $188.
On the different hand, if the bulls fail to protect SOL’s mark above the $150 psychological stage, the cryptocurrency can even dip in direction of the June 27 low of $136. At the moment, the fashion is switching bullish, and investors can even accept benefit an eye on of the market. If the on each day basis ranges benefit, SOL can even rally higher over the upcoming hours and days.
