Ethereum’s Tier-1 rival solana (SOL) made a surprising 10% jump in the last 24 hours. However, it increased its price to $ 21.50. With this price increase, Solana moved Dogecoin (DOGE) to eighth place on the top ten crypto list.
With this move, SOL increased its weekly gain to over 9%. Additionally, since mid-September, Ethereum Its rival recorded a strong rally with a gain of more than 25%.
On the technical chart, SOL Price is currently trading above the 20-day and 50-day moving averages. The MACD indicator reveals a bullish crossover with the MACD line at 0.0515 and the signal line at 0.2471 both falling below the zero line, indicating positive sentiment on the charts.
Moreover, the Relative Strength Index (RSI) is recorded at 56.15 points, while the 14-day Simple Moving Average (SMA) stands above the mid-line at 48.89 points. This alignment with the 14 SMA finds support above the 14 SMA, highlighting a positive outlook. This shows favorable conditions for the SOL price.
One cryptocurrency Solana (SOL) currently has $321.13 million in open interest, according to data from analysis website Coinglass. This figure indicates an increase of 2.37% compared to the previous session. In the last 24 hours, the long and short position ratio was 0.965, while the total of short positions was 534.18 thousand dollars and the total of long positions was 304.30 thousand dollars.
Looking ahead, SOL price is likely to find potential resistance levels at $22 and $24. If it breaks above these levels, it is likely to rise to $32. However, if it fails to maintain its current position, a downtrend may continue. This could lead to possible support levels of $18 and $16.