After consolidating above a critical support level around $120 for the first time since April, Solana (SOL), a tier-one blockchain network, is hinting at an impending rally to a new all-time high (ATH) in the near term.
Solana, with a fully diluted valuation of approximately $99 billion and an average daily trading volume of approximately $3.8 billion, was trading at approximately $170 during the European morning session on Monday, October 21, and is up more than 6% over the past 24 hours. It is worth noting that Solana's price action has clearly outperformed Bitcoin (BTC) and Ethereum (ETH) over the past few days, from which it can be inferred that more cryptocurrency investors are betting on the inevitable rise of the altcoin sector, as the market value of crypto assets usually leads the upcoming cash rotation, which is also proven by historical data.
From a technical analysis (TA) perspective, Solana’s price has managed to break through resistance around $161 after multiple attempts since the August 5 crypto crash, and its daily relative strength index (RSI) has also rebounded to 70%, signaling a re-emergence of bullish sentiment. On the two-day timeframe, Solana’s price has been forming a bullish pennant and is currently retesting resistance established through a descending logarithmic trend.
Therefore, if bullish sentiment continues to prevail in the future, crypto analyst ZAYK Charts has set a medium-term target of around $350 for the Solana price.
As for why you should bet on SOL, it’s because the Solana network has grown into a vibrant web3 ecosystem with a total locked value (TVL) of over $6.4 billion and a stablecoin market cap of over $3.5 billion.
Solana’s significant growth in on-chain activity is largely due to its memecoin space, which has a market capitalization of over $11.5 billion and average daily trading volume of approximately $2.6 billion.
The article is for reference only and does not constitute investment advice.
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