Ethereum and Solana especially galloped up on their charts significantly in the last 24 hours. Bitcoin had also reclaimed the $40k price mark at the time of writing therefore major altcoins followed a similar price movement.
The massive attack on Wormhole which is an eminent bridge protocol between Solana and Ethereum caused ETH to lose close to 8% while depreciating SOL by double-digits.
At the time of writing, Solana was seen trading for $109.18 after SOL was parked below the $100 mark yesterday.
Ethereum was seen changing hands for $2953.03 and could soon eye the $3000 price level with continued bullishness in the market. Buyers for both the asset resurfaced at press time, pushing the coins near the overbought zone.
Related Reading | Bitcoin Leverage Ratio Suggests More Decline May Be Coming
Solana Price Analysis: Four/Hour Chart
Post dropping from the $100, Solana reclaimed the aforementioned price level and registered a sharp recovery of about 12%. Overhead resistance for SOL rested at $131.58, while, a push below the current price level will make the coin trade at $102.27.
The technical outlook of Solana was quite bullish at the time of writing. Additional price floor awaited at $156.43 while support region stood near $96.
The price of the altcoin was seen parked above the 20-SMA line. This reading indicated that sellers were responsible for driving the price momentum of the asset in the market.
The Relative Strength Index indicates buying strength of the coin. RSI on the four-hour chart stood at the 60-mark, which is considered quite bullish.
Buying strength recovered from the bearish zone and with continued demand, SOL might be seen in the overvalued zone.
Awesome Oscillator painted a positive reading and the indicator showed green signal bars. These signal bars were seen above the half-line which meant that the overall trend of the market was bullish at press time.
Related Reading | What Could Send Ethereum Crashing To…
![Anticipation for Ethereum [ETH] 2.0 rises as metric reaches all-time high](https://crypto.newswireservice.net/wp-content/uploads/2023/01/ethereum-wale-1000x600-350x250.jpg)
