Solana defies the market, gains 8% in 24 hours: Will SOL’s rise continue?

  • SOL continued to see positive trends, standing out as a top crypto asset.
  • However, the trend of the altcoin remained bearish.

While the crypto market experienced a significant downturn in the last 24 hours, Solana [SOL] demonstrated resilience with a notable bounce back.

However, despite the price recovery, the response from traders in the derivatives market has been more restrained.

Solana sees a strong 24-hour outing

Solana has distinguished itself among the top five crypto assets by posting a significant gain in the last 24 hours. According to data from CoinMarketCap, Solana has risen by over 8% during this period. 

This performance is particularly noteworthy when compared to the other leading cryptocurrencies. For instance, Ethereum [ETH], another major asset, only saw a modest increase of just over 1%.

Meanwhile, the rest of the top crypto assets experienced less than a 1% change. They fluctuated between minor gains and losses.

Solana trends positively

AMBCrypto’s look at the price trends of Solana on a daily timeframe provided a detailed snapshot of its recent market behavior. 

The week started with a decline for SOL, with its price dropping by around 3.8% on the 23rd of June, closing at approximately $128.63.

Despite the general market downturn, particularly on the 24th of June when Bitcoin [BTC] and most altcoins dipped, Solana managed a notable recovery, closing the day around $132, marking an increase of over 2.8%.

As of this writing, Solana was trading at about $138, representing a further increase of over 4%. However, despite these positive strides, technical indicators suggest Solana remained in a bearish trend. 

It was trading below its short moving average (yellow line), which often serves as a dynamic resistance level.

Additionally, the Relative Strength Index (RSI) remained below the neutral 50 mark, suggesting that overall momentum was still leaning towards the bearish side.

Solana price trend

Source: TradingView

These indicators implied that while Solana has shown some bullish signals in the short term, it has yet to establish a strong enough rebound to shift the longer-term trend. 

SOL positive sentiment wanes

AMBCrypto’s look at Solana’s Weighted Funding Rate on Coinglass offered valuable insights into the current sentiment and positions of traders. 

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As of this writing, the Funding Rate was positive but declining and was currently around 0.0003%. The position showed that while buyers still dominated, their influence was waning.

Solana funding rateSolana funding rate

Source: Coinglass

This change suggested that traders were becoming more cautious. Traders were less willing to pay a premium to hold long positions, which could pave the way for sellers to gain more influence in the market.

Next: Dogecoin bounces 5% from key support level: Assessing DOGE’s next moves

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