The cryptocurrency market is taking a breather following its rally earlier this week. Bitcoin briefly hit the $79,000 level on Wednesday but has slightly retraced and is now trading at $77,870. Ethereum has also dropped below $2,400, while XRP failed to maintain its rally above $1.50. Solana’s SOL is not left out as it is down by 1.3% in the last 24 hours. The coin failed to take out the technical resistance at $87 on Wednesday and is now trading at $85 at press time. However, a breakout above the $87 technical hurdle would signal a bullish move ahead. Strengthening on-chain, improving derivatives data, and a constructive technical chart support a positive outlook for SOL in the near term.
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