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October 22, 2021 by Akash Anand
Over the past weeks, the cryptocurrency market has gone through some major changes in terms of price peripherals. Altcoins did their part in price elevation as Bitcoin hit new all-time highs. Despite how well the week began, some cryptocurrencies fell victim to the bear on Friday.
Solana [SOL], currently the 6th largest token on the charts, enjoyed a reversed trend which elevated its value and market cap. At press time, SOL was trading for $203.4 with a market cap of $61.18 billion. The token’s 28 percent weekly gain also lifted it’s daily trading volume to $6.65 billion.
Solana [SOL] 1 hour chart:
Solana [SOL] Shields Up Against Bear as Major Coins Lose Footing 4
Solana’s hourly performance has been something to watch as the cryptocurrency rocketed upwards over the previous 24-hours. With a new immediate support of $167, SOL was making headway in a bearish territory.
Parabolic SAR: The markers stayed below the price candles as the momentum shifted into the green.
Relative Strength Index [RSI] : After the latest price hike, Solana’s RSI climbed to the overbought threshold. This meant that the buying pressure had overtaken the selling pressure.
Chaikin Money Flow [CMF] : Solana’s CMF bounced off the zero line as the capital influx into the ecosystem increased. A resurgence in user interest was one of the main reasons for the spike.
Solana [SOL] 1 day chart:
Solana [SOL] Shields Up Against Bear as Major Coins Lose Footing 5
In the long term, SOL was still reeling from consecutive red candles. The saving grace came in the form of the last bull run where the price support was lifted.
Chaikin Money Flow [CMF] : Just like in the hourly spectrum, the CMF was recovering here too. In the long run, October has been Solana’s most stable CMF run.
Parabolic SAR: The bull helped Solana’s markers stay below the price candles for a sustained period of time.
Relative Strength Index [RSI] : The RSI was the only indicator that made a split difference. In the long run, the marker was in the middle of the graph. This indicated a market waiting for a change in trends.