The post Can Solana (SOL) Resist the Odds to Cross $160 This Week? appeared on BitcoinEthereumNews.com.

Solana trades at $140, marking an increase by 13.56% over the last 24 hours. $483M worth of SOL were transferred to Binance and Coinbase. Bitcoin (BTC) and Ethereum (ETH), the largest cryptocurrencies by market cap, have faced a critical and dramatic downturn that panicked the global crypto community. In the unforeseen market crash, BTC plummeted by 17%, hitting its 5-month-low at $49K. Likewise, ETH recorded a severe drop of 24%, priced below the $2.5K mark.  The impact of the total declines resulted in a staggering $1.04 billion worth of liquidations over the past 24 hours, pushing the global market cap below $2 trillion for the first time since February.  Dramatically, after yesterday’s unexpected downturn, the global crypto market has started the day with a brief spike in prices. The altcoin Solana (SOL) was not spared in the market crash. The asset has dropped below $115, losing over 21%. Currently, the asset is up by 13.56%.  According to Whale Alert data, the crash fear led to a significant transfer of 3.13 million SOL worth around $483 million to exchanges such as Binance and Coinbase within the last 24 hours. Over the past 24 hours, the token has been trading at a 5-month low of $110.61, gradually showing price hikes. At the time of writing, SOL was trading at a price of $140 with a market cap of $65 billion. Meanwhile, Solana’s trading volume exhibited a 73.44% increase and stayed at $12.26 billion, as per CoinMarketCap data.  Can the Bulls Dominate SOL Soon? Over the last seven days, Solana has shown a declining price movement of 23.09%. At the beginning of the week, SOL was trading at a high of $182. The token’s price dived in the following days to $111.  The daily relative strength index (RSI) is 41.75, as per TradingView…

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Filed under: News - @ August 6, 2024 3:26 pm