Why is Solana up by 4% in the last 24 hours?

The cryptocurrency has been underperforming over the past few hours, but Solana has outperformed the market today. 

The cryptocurrency market has lost less than 1% of its total value over the past 24 hours. Following this poor performance, the total crypto market now stands above $1.2 trillion after losing nearly $300 billion the previous week.

Bitcoin, the world’s leading cryptocurrency by market cap, is down by less than 1% so far today. At press time, Bitcoin is trading at $29,683, down by 11% over the last seven days.

Ether maintains its position as the second-largest cryptocurrency by market cap. ETH has also maintained its price above the $2k psychological level over the weekend.

SOL, the native token of the Solana ecosystem, is one of the best performers amongst the top 10 cryptocurrencies by market cap. SOL has added more than 4% to its value in the last 24 hours and currently trades above $54 per coin.

There are no apparent catalysts behind Solana’s ongoing positive performance. SOL has outperformed the broader cryptocurrency market, which is down by less than 1% in the last 24 hours.

Key levels to watch

Despite the ongoing positive performance, the SOL/USD 4-hour chart remains bearish. This is due to Solana’s poor performance over the past few days. 

The MACD line remains below the neutral zone at -1.186, indicating bearish momentum. However, the MACD line could soon cross into the positive territory if the rally continues.

The 14-day RSI of 50 shows that SOL is no longer in the oversold region. If the rally continues, Solana could surge past the first major resistance level at $60 before the end of the day.

However, SOL would need the support of the broader cryptocurrency market if it will move past the $70 psychological level.

In the event of a bearish performance, SOL could drop below the $50 support level over the next few hours. However, it should maintain its position above the $45 support level in the short term.