Solana (SOL) launched a comeback after hovering in bearishness over the past few days. While writing this content, the alt exchanged hands at $181.29 after an 8.7% increase within the past 24 hours.
For now, Solana ranks 5th in the crypto rank by market value. Moreover, the blockchain introduced an incentive program, funding gaming developers to build their apps on the Solana ecosystem. Such developments had a positive effect on SOL’s price.
SOL/USD 4Hr Chart
Solana bears remained actives over the past few weeks, dragging the alternative coin. While publishing this analysis, buying momentum revived on the 4hr chart. With that, Solana recovered from its sudden drop within no time. Moreover, the rising price channel confirms bullishness for SOL’s current price actions. Though the crypto rose from its lows, it remains 36% away from its all-time high.
SOL’s immediate resistance locates at $210.23. If the alt keeps its current upside sentiments, market players can see Solana overpowering this obstacle. The Relative Strength Index showed bulls’ preference while climbing beyond the half-line.
The Directional Movement Index (DMI) backed RSI’s narrative. Finally, the Moving Average Convergence Divergence agreed with the bullish case. Meanwhile, the bullishness will only fade with revived selling momentum. That can mean SOL, dropping to $168.29.
LUNA/USD 4Hr Chart
Terra (LUNA) recorded its all-time peak on 5 December. After that, the altcoin had fluctuated down and up on the charts. With that, it creased a symmetrical triangle that LUNA overpowered in its upside move. Meanwhile, the coin registered a double-digit gain within the past 24 hours, hovering near $63.58.
The upswing had Terra breaking past the resistance at $62.92. If bulls maintain the upward push, they might retest the level of $66.6 before eying the target of $76.49.
The RSI appeared to secure support beyond the mid-line, highlighting bullish actions. Moreover, the Directional Movement Index (DMI) confirmed the optimistic narrative. Awesome Oscillator (AO) displayed positive price actions with its amplified green sign bars.
If bears shift the narrative, the altcoin will drop towards $54.44, then $46.90.
The cryptocurrency market hovers within bullish sentiment at the moment. That had most alternative coins noting gains.
Stay around for upcoming market updates.