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The cryptocurrency has underperformed in the last few hours, but Solana has outperformed the market today.
The cryptocurrency market has lost less than 1% of its total value in the last 24 hours. After this poor performance, the entire crypto market is now over $1.2 trillion, having lost almost $300 billion the previous week.
Bitcoin, the world’s leading cryptocurrency by market capitalization, has fallen by less than 1% so far today. At the time of writing, Bitcoin is trading at $29,683, which is a decrease of 11% over the past seven days.
Ether maintains its position as the second largest cryptocurrency by market capitalization. ETH has also kept its price above the psychological level of $2,000 over the weekend.
SOL, the native token of the Solana ecosystem, is one of the best performers among the top 10 cryptocurrencies by market capitalization. SOL has increased its value by more than 4% in the last 24 hours and is currently trading over $54 per coin.
There are no obvious catalysts behind Solana’s continued positive performance. SOL has outperformed the broader cryptocurrency market, which has fallen less than 1% in the last 24 hours.
Important levels at a glance
Despite the continued positive performance, the SOL/USD 4-hour chart remains declining. This is due to Solana’s poor performance in recent days.
The MACD line remains below the neutral zone at -1,186, which indicates bearish momentum. However, the MACD line could soon move into positive territory if the rally continues.
The 14-day RSI of 50 shows that SOL is no longer in the oversold area. If the rally continues, Solana could rise above the first major resistance mark at $60 before the end of the day.
However, SOL would need the support of the broader cryptocurrency market if it wants to cross the psychological mark of $70.
In case of bearish development, SOL may fall below the $ 50 support level in the next few hours. However, in the short term, it should maintain its position above the $ 45 support level.
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