The ongoing crypto recovery is broad-based, showcased by the global market capitalization gaining nearly 8.57% over the past 24 hours to rest at $1.9 trillion. The total trading volume has also reached $172 billion, asserting the strength of the recovery.
Solana’s SOL is leading the gains on Tuesday, up 13.7% over the last 24 hours to trade at $139 at the time of publication.
With this performance, SOL is the biggest gainer among the top 10 cryptocurrencies by market capitalization, according to data from CoinMarketCap.
Top gainers Feb. 1. Source: CoinMarketCap
In comparison, the largest cryptocurrency, Bitcoin, is up 4.56% on the day to trade at $55,374 trillion. Ether is up 6.53% to $2,483, and BNB Chain’s BNB has increased by 10.3% to $486 over the same time period.
What are the key levels to watch out for SOL in the long term?
Celestia price trades above a significant support zone
At the time of writing, SOL was fighting resistance from the 200-day exponential moving average (EMA) at $138.95. A daily candlestick close above this level would suggest the ability of the buyers to sustain the recovery.
These bulls will then be bolstered to push the price first toward the 50% Fibonacci retracement level at $147 and later to the 100-day EMA at $153. Above that, the July 2 high at $158 would be the next barrier to overcome. Note that this is where the 78.6% retracement level and the 50-day EMA appear to merge. Higher than that, the $184 range high would be the next logical move. Such a move would represent a 40% ascent from the current price, recouping all the losses made over the last ten days.
SOL/USD daily chart. Source: TradingView
The sharp rise of the relative strength index (RSI) away from the oversold region supported the bullish thesis for the SOL token. The increase in price strength from 31 to 38 over the last 24 hours suggests that the buyers are returning to the market.
Perhaps the most important technical indicator supporting SOL’s upward thesis is the major support zone between the $120 psychological level and $127, embraced by the 23.6% Fibonacci level.
As such, any attempts to pull the SOL price lower would be met by intense buying from buyers congested around this level, who would want to increase their profits.
Other levels to watch on the downside are the psychological levels at $110 and the range low at $109.
