Solana on the Verge of Reclaiming $90 as SOL Price Jumps 8%

Solana has joined the ongoing market rally, forming a new bottom around the $80 price mark and now eyeing the $90 resistance mark. This uptick comes as the digital currency confirmed the formation of a golden cross on a lower time frame, setting up a basis for a stronger rally in the short term.

Solana on-chain metrics flip positive

According to data from CoinMarketCap, every visible Solana metric is in positive territory. Solana volume has jumped by more than 88% in the past 24 hours as total SOL traded in dollar terms surpassed $6 billion.

This volume shift shows more interaction with the asset by market traders as a broader shift in the industry shows a relief rally is underway.

Market data suggests a golden cross formation has formally been logged by Solana. This golden cross appeared on the four-hour chart as the short term 9-day moving average has crossed above the longer-term 21-day average.

Solana Price Chart | Source: TradingView/CoinMarketCap

The shift in Solana comes following the price bottoming at a daily low of $78.43. At the time of writing, the digital currency is now changing hands for $84.67, up by 5.43% in the past 24 hours.

The Solana price has faced many bearish triggers in the past few months, shown by its more than 71% drawdown from its all-time high of $294.33.

Market rebound here to stay?

Solana is not the only altcoin that has seen a similar relief rally. As of writing time, Ethereum has hit a multiweek high of $2,251, up by 5.83% in the past 24 hours.

XRP has rallied 4.64% to $1.381, and Cardano has reclaimed the $0.26 resistance atop a 6.32% uptick in the past day.

Amid the broader market rebound, the consensus is that the bottom is yet to form, and traders risk falling into a bull trap. However, with capital flowing back into crypto funds, altcoins like Solana and XRP may shine brighter in the coming weeks.