Solana (SOL) Has Left Another Important Level Behind! New ATH at the Door?
Popular cryptocurrency Solana ( SOL ) had a solid rally last week and is scrambling to break into the top ten cryptocurrencies . On the other hand, Solana’s rally picked up pace today and is very close to its all-time high.
Solana Runs To ATH
So- called Ethereum competitor Solana has gained tremendous popularity in the past few months. In a year-to-date chart, SOL has gained 113x.
On the other hand, Solana managed to break the very important resistance of $ 195 with this uptrend that it started recently. This confirms a strong uptrend and buyers are not worried about any downside pressure.
Now Solana is on its way to its all-time high of $215, and it’s only a matter of time before it leaves that level behind and sets the new ATH.
Popular cryptocurrency Solana continues to trade at $202, with an increase of 11.47% in the last 24 hours, according to CoinMarketCap data as of the time of writing.
Solana Still Not In Overbought Zone
Over the past two days, Solana has witnessed strong trading activity on the world’s largest crypto exchange, Coinbase . This demonstrates Solana’s growing popularity among investors.
Speaking to Forbes, Nick Spanos, co-founder of Zap Protocol, said Solana’s mid-term outlook is still bullish. Spanos said that Solana has attracted several new buyers over the past few weeks, with the number of active token holders increasing significantly. He further added:
“As the token’s RSI is hovering around the 55-60 level, there is no indication that Solana is overbought and may be on the way to a correction. If the RSI continues to rise and breaks above 70, this indicates that the Left is overbought and potentially overvalued, at least in the short term.
Along with Chainlink , Solana is also escaping the recent market correction as it continues its strong northward journey. The Solana blockchain platform is emerging as the top choice for new DeFi players in the market as it continues to eat away at Ethereum’s market share. Along with Cardano , on the other hand , Solana (SOL) is one of Ethereum’s toughest contenders on the top ten list.