Solana recovers despite wider market slumps

Solana has surpassed most of the other leading cryptocurrencies in the last 24 hours and could rise even higher.

The cryptocurrency market is slowly recovering from last week’s slump. However, the total capitalization of the crypto market remains below the $ 3 trillion mark. Among the top ten cryptocurrencies by market capitalization, Solana is the most powerful in the last 24 hours.

SOL has increased by more than 6% in the last 24 hours. The rally took place after Grayscale, the world’s leading digital asset manager, announced the creation of its Grayscale Solana Trust. The fund is intended to enable private and institutional investors to engage in Solana.

Grayscale announced that it now has sixteen trusts that track the performance of individual cryptocurrencies, and two more funds that allow investors to engage in numerous digital currencies. The Grayscale Solana Trust is the reason why SOL has rallied in the last few hours, even though the broader cryptocurrency market is currently showing bearish behavior.

Important levels at a glance

The SOL/USD 4-hour chart is the most bullish among the top ten cryptocurrencies by market capitalization. At the time of writing, SOL is trading at $226 per coin, an increase of more than 6% in the last 24 hours. The MACD line has crossed the neutral zone and is currently in the bullish area.

The RSI of 68 shows that Solana is about to enter the oversold area, a strong indication of a bullish performance. Solana could rise higher if the coin maintains its current momentum in the next few hours.

SOL could reach the resistance mark of $ 236 in the next few hours if the cryptocurrency continues its current performance. An extended rally should lead to Solana reaching the second major resistance mark above $ 240 in the next few hours.

However, unless it is supported by the broader market, Solana may have a hard time breaking the $250 mark in the coming hours.

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