Solana marked a spike of over 5%, trading at $217.
SOL’s market cap sits at $102.80 billion.
The global crypto market turned bullish, with the total market cap climbing 9.37% to $2.98 trillion. In the Asian trading hours, Bitcoin (BTC) hit its new all-time high at $89,604, while Ethereum (ETH) rallied above $3.3K. This shift has ignited optimism in the market, driving a bullish outlook.
Notably, the altcoin Solana (SOL) has experienced a 5.80% price gain. Over the last 24 hours, SOL has hit a high of $223.22. At press time, it is trading at the $217.25 mark.
For the first time, SOL has surpassed the $100 billion market capitalization mark. Currently, it sits at $102.80 billion. A few days back, the market cap dominance of SOL hit a new high at 3.81%. During this time, CMC data revealed that SOL’s daily trading volume was $10.74 billion. Meanwhile, Solana has witnessed a 24-hour liquidation of $21.56 million.
The altcoin’s price momentum saw a surge of over 36% in the past seven days. Solana began trading in the $160.30 range. Eventually, the asset’s price steadily climbed to the current price level.
Can Solana Maintain its Upward Trajectory?
As SOL’s Moving Average Convergence Divergence (MACD) line settles above the signal line, Solana’s four-hour technical chart has inferred an upside pressure and an impending positive sentiment.
SOL chart (Source: TradingView)
In addition, the Chaikin Money Flow (CMF) indicator, positioned at 0.20, indicates a positive money flow with buyers having the upper hand. Meanwhile, the trading volume has surged by 25.97%.
Besides, the altcoin is in the overbought zone in the market, as suggested by the daily relative strength index (RSI), which is found at 71.41. Moreover, the daily frame of Solana exhibits the short-term 9-day MA above the long-term 21-day MA.
Assuming further revival of Solana, the asset’s bull might push the price to a potential $223 level. The prolonged upside trajectory of SOL could trigger the price to hit $230. SOL could reach unprecedented levels, according to analysts, if its upside momentum remains strong.
On the support side, a bearish trajectory of SOL could likely pull back the price to the $211 range. Further declines in Solana might drive the price to dip even lower to the $205 mark.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Highlighted Crypto News
Binance Surpasses $5 Billion in November Inflows, Hits Record $130B in User Assets
