Ethereum

bullish

Solana

Bitcoin

<ul>
 <li>Solana trades at $140, marking an increase by 13.56% over the last 24 hours.</li>
 <li>$483M worth of SOL were transferred to Binance and Coinbase.</li>
</ul>
Bitcoin (BTC) and Ethereum (ETH), the largest cryptocurrencies by market cap, have faced a critical and dramatic downturn that panicked the global crypto community. In the unforeseen market crash, BTC plummeted by 17%, hitting its 5-month-low at $49K. Likewise, ETH recorded a severe drop of 24%, priced below the $2.5K mark.&nbsp;
The impact of the total declines resulted in a staggering $1.04 billion worth of <a href="https://thenewscrypto.com/defi-liquidations-hit-new-annual-high-amid-crypto-market-sell-off/" target="_blank" rel="noopener noreferrer nofollow">liquidations</a> over the past 24 hours, pushing the global market cap below $2 trillion for the first time since February.&nbsp;
Dramatically, after yesterday’s unexpected downturn, the global crypto market has started the day with a brief spike in prices. The altcoin Solana (SOL) was not spared in the <a href="https://thenewscrypto.com/how-did-major-cryptos-bitcoin-and-ethereum-crash-overnight/" target="_blank" rel="noopener noreferrer nofollow">market crash</a>. The asset has dropped below $115, losing over 21%. Currently, the asset is up by 13.56%.&nbsp;
According to Whale Alert <a href="https://x.com/whale_alert" target="_blank" rel="noopener noreferrer nofollow">data</a>, the crash fear led to a significant transfer of 3.13 million SOL worth around $483 million to exchanges such as Binance and Coinbase within the last 24 hours.
Over the past 24 hours, the token has been trading at a 5-month low of $110.61, gradually showing price hikes. At the time of writing, SOL was trading at a price of $140 with a market cap of $65 billion. Meanwhile, Solana’s trading volume exhibited a 73.44% increase and stayed at $12.26 billion, as per CoinMarketCap <a href="https://coinmarketcap.com/currencies/solana/" target="_blank" rel="noopener noreferrer nofollow">data</a>.&nbsp;
<h3 class="wp-block-heading" id="h-can-the-bulls-dominate-sol-soon">Can the Bulls Dominate SOL Soon?</h3>
Over the last seven days, Solana has shown a declining price movement of 23.09%. At the beginning of the week, SOL was trading at a high of $182. The token’s price dived in the following days to $111.&nbsp;
The daily relative strength index (RSI) is 41.75, as per TradingView data, which hints the asset is approaching the neutral zone. The moving averages lying above the current price action, 9-day MA and 21-day MA noted at $156 and $166 respectively, indicate a bearish trend.
<div class="wp-block-image">
 <figure class="aligncenter"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdylmaK1pTmuMOsMnV5oUaLt5O-RcZBIx8PXt0pTDurOUn78PhDMowmhA5e1I5nKCuzcIeCh28gxCpQ6IzFSiAIbBBITY60OuVgjX_PFYggq8KlDyG-AOPvaP20XkFWIvDUR7eUzmid9lmWhTqluc1Lc48?key=lub6qaZWlBAwRj4FBgBrMw" alt="">
 <figcaption class="wp-element-caption">SOL price chart (Source: <a href="https://in.tradingview.com/symbols/SOLUSD/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">TradingView</a>)
 </figcaption>
 </figure>
</div>
Moreover, if a recovery occurs, SOL can test its initial resistance at the $147 level. If the bullish momentum persists, the token might surge to face the subsequent resistance range between the $151.26 and $155.69. However, if the bears take over, the token might dive to find its major support at $137.12. Further losses might take the price to the $130 level.
Disclaimer: The opinion expressed here is solely the author’s. It does not represent investment advice. TheNewsCrypto team encourages everyone to do their own research before investing.
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Can Solana (SOL) Resist the Odds to Cross $160 This Week?

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