Could Whales Cause a $1,000 Price Surge in Solana? The Coin Aims to Become the Most Trending One.
Following today's metrics flips involving Ethereum and PayPal, Solana's $SOL is surging.
The cryptocurrency $SOL was leading the market earlier today. With a 24-hour trading volume of almost $4 billion, it is still in the top three as of the afternoon UTC.
Coincident with the fifth-largest cryptocurrency token, Solana, surpassing Ethereum in daily fees, there was a surge in trading volume and intraweek price increase. Additionally, PayPal's market cap was reversed.
The previous 24 hours have seen a plethora of SOL deals involving Solana.
When it came to volume, not even Avalanche ($AVAX), Toncoin ($TON), TRON ($TRX), or Cardano ($ADA) could compete.
They all hit nine digits, but not a single one of them hit half a billion in trade volume.
In the past day, the value of Solana's $SOL dropped 0.7%. The token's price has increased by around 5.8 percent from last week, reaching $174.
The price of Bitcoin ($BTC) increased 1.5% overnight to $68,652, while the price of Ethereum ($ETH), which is Solana's main rival and has features similar to Bitcoin, increased 0.6% to $2,509.
Analysis of Solana Price as SOL Reaches Three-Month High Based on the price chart, Solana's latest run has put SOL trading at a three-month high. However, it has been facing resistance above $180 since Friday. Not good.
There are two possible paths that Solana might go this week. Currently, the token seems to be well-positioned to consolidate its gains and strengthen its present position.
According to the token's dropping relative strength index (RSI) of 42, the sell-off is already gaining up speed. However, this might be worsened by adverse news, such as one of the notorious Solana network breakdowns, or a generally pessimistic crypto market.
The $160 level may become a support for the token if that occurs.
