Key takeaways
- SOL is up 2.5% in the last 24 hours and is now trading above $190.
- The coin could rally towards $220 ahead of the Accelerate APAC event.
SOL tops $190 as market momentum switches bullish
SOL, the native coin of the Solana blockchain, has followed the broader market’s trend and is trading in the green. The coin is up 2.5% in the last 24 hours and is now trading above $190 per coin.
The recovery is supported by increasing trading volumes, which has surged to levels last seen in January. The increase in trading volume comes ahead of the upcoming Accelerate Asia Pacific Accreditation Cooperation (APAC) event on Friday. The event could highlight key ecosystem developments for the Solana blockchain.
The Accelerate Asia Pacific Accreditation Cooperation event, starting Friday in China, will highlight Solana’s growing role in the region’s Decentralized Physical Infrastructure Networks (DePIN) ecosystem.
Traders and investors are now optimistic that the event could push SOL’s price higher. The SOL trading volume generated by all exchange applications on-chain hit $220 million on Saturday, the highest level recorded since mid-January. The surge in volume indicates that more traders are interested in SOL as they are optimistic its price could surge higher in the near term.
SOL targets $220 as bullish momentum returns
The SOL/USD 4-hour chart is bearish and efficient, but the momentum indicators are slowly turning bullish. SOL added over 2.5% to its value in the last 24 hours after dropping 13% last week following the rejection of the price faced around the 50-day Exponential Moving Average (EMA) at $206.09.
At press time, SOL is trading at $193 and could retest the 50-day EMA again in the near term. The RSI on the 4-hour chart reads 56, pointing upward toward the overbought condition and indicating early signs of bullish momentum.
The RSI must stay above the neutral level for SOL to embark on a sustainable recovery. An extended rally would push SOL’s price towards the $220 TLQ level over the coming days.
However, if SOL fails to build on this momentum and faces a correction, it could extend the decline toward the strongest support level at $186.
Credit: Source link
