Bulls confirm Solana [SOL] will climb beyond $120 untethered

Over the previous few weeks, the crypto-verse has experienced a wide range of emotions. With the week just getting started, the majority of assets were judged to be pessimistic. The only assets riding the bullish wave were Solana [SOL], Polkadot [DOT], Uniswap [UNI], and Ethereum [ETH].

Every other cryptocurrency was painted red, with small and large alterations. Bitcoin [BTC] was locked around $47,500, with a market capitalization of less than $900 billion. Despite the decline, the global crypto market capitalization remained above $2 trillion.

For a long time, Solana [SOL] has been in the crypto spotlight. The altcoin broke through many barriers and crossed the $100 mark. Over the last few days, the asset has managed to attain many all-time highs. SOL was trading for $119.99 at the time of writing, up 20.77 percent on the day. Additionally, SOL has collected gains of up to 55.61 percent over the last seven days.

Furthermore, the coin’s market capitalization remained at $34.83 billion, putting it in eighth place. Solana was on the verge of catching up to Dogecoin [DOGE]. DOGE’s market capitalization has risen to $36 billion, putting it in eighth place. DOGE could be SOL’s next target.

Binance’s one-day price chart for Solana [SOL]

solana price chart

Binance indicated that the bulls were in the asset’s market for the long haul in the one-day price chart of SOL on the cryptocurrency exchange. Green closing bars were drawn by the Awesome Oscillator indicator. The presence of bulls in the SOL market was signaled by these long, solid bars. The Chaikin Money Flow [CMF] indicator, which is bullish, was then used as a follow-up. The CMF marker was well out in front of the zero medians.

The Relative Strength Index [RSI] confirmed the trend, indicating that SOL was overbought. The RSI marker was found to be above the median of 80.

 

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