Solana price has hit a new all-time-high in the last few hours as its bullish rally accelerates.
The altcoin’s daily trading volume has surged 57.73% as per CMC data.
Our optimistic sector is receiving its rewards quickly this cycle—Bitcoin hits a new ATH at $99K. The cryptocurrency’s bull run has reflected much attention back to market prices. While investors look around for what prompted this cycle, glad tidings have arrived within the regulatory sector as well. The present SEC Chair and crypto-hostile Gary Gensler announced his step down in January.
Meanwhile, the altcoin sector has gone through a frenzy, with its own upward movements propelled by Bitcoin’s bull run. The second largest altcoin, Solana, has rallied to hit a new ATH, surpassing its previous high three years ago.
In the past day, SOL recorded an 8.49% price increase beginning its rally from a low of $241, and broke several resistance levels. Moreover, the resistance levels include the $246 and $250 levels. At the time of writing, SOL was trading at $261.37 as per CMC data.
Its previous all-time-high was $260 which the altcoin hit on November 7, 2021. Solana’s price activity has drawn market attention to the altcoin as community members watch closely the actions of the two cryptocurrencies rallying forward.
Zooming out, over the past 7 days, Solana shows a 27.23% price increase. At the beginning of the week, the cryptocurrency was trading at a low of $208 after which it progressed to current levels. Additionally, in the past day, ETF issuers such as Bitwise filed their registrations for a Solana ETF.
Will Solana’s Price Continue its Bull Run?
On inferring its price data and technical indicators, Solana’s bull run is further highlighted. The altcoin’s price movements trace an ascending channel pattern. This indication suggests a continuation of upward movements. Thus Solana can be expected to sustain its bull run in the coming days.
SOL/USDT Daily Price Chart (Source: TradingView )
Additionally, the token’s Moving Average Convergence Divergence (MACD) shows the signal line standing above the MACD line. This further highlights the upward trend and is also supported by the RSI standing at 78.40, an overbought market situation.
Meanwhile, in the past day, XRP has also rallied after SEC chair Gensler announced his step down.
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