Solana’s sol token has given up much of its massive gains this week, plunging more than 35% from last week’s record high following a network outage that some experts believe could bolster the case for more established platforms like Ethereum, despite being one of the year’s fastest-appreciating cryptocurrencies.
Following Bitcoin’s (BTC) all-time high, the price of other altcoins, like as Ethereum (ETH), has consistently risen, helping to sustain the price of Solana. Due to its spectacular recent growth, SOL is currently ranked fifth in terms of trading volume among the top 100 cryptocurrencies, with over $6.8 billion moved in the previous 24 hours.
Indeed, according to CoinMarketCap, the DeFi-focused high-performance blockchain token is presently trading at $202, up 8.56 percent in the past 24 hours and 26.6 percent in the last seven days, with a market value of $60.99 billion.
Solana price was $157.90 on October 18. Solana’s price fell as much as 10% to $135.25 on Friday, marking the token’s lowest level in over two weeks and bringing its market worth to $40.6 billion, down more than $20 billion from its September 9 peak. Though the token rose during last week’s crypto meltdown, prices began to decline over the weekend as the larger market fought to recover.
Solana is squarely on top of several critical support levels that, if breached, will almost certainly result in violent movements to the south. Solana’s consolidation pattern is a pretty basic-looking bullish pennant in general. A daily close at or above $175 would be the purchase entry-level for Solana. Closing of $175 would meet the criteria for a bullish entry after a triangle breakout. It would also ensure that the Lagging Span is trading in a free market. Solana is highly likely to advance easily towards new all-time highs, with a simple move through the $200 level and a direct shot towards the $300 level.
“Since Solana is now trading around 180, if it consolidates around 180, this could create a strong support flag leading to further gains.”
On the 21st of October, the Solana price increased by over 11% to over $196 per token, its highest level since September 11. SOL was up by as much as 26% when combined with the gains made in the previous 36 hours.
MonkeyBall, a game based in Solana, raised $3 million in the highest investment round on October 21. The Solana Hackathon, dubbed IGNITION, took place from October 18 to October 22. There were more than $5,120,000 in prizes and 5,875 participants in this hackathon. Furthermore, Solana stated on October 20 that UST would be available on Solana DeFi via Wormhole, a cross-chain interoperability mechanism that connects high-value blockchain networks.
This is just another sign of the Solana network’s expansion and the SOL token’s potential for growth.
According to 23rd October stats, Solana might make a second effort to shatter the all-time high of $216 as long as Solana price remains above $177. On the other side, if the Solana price drops $177, this bias will be invalidated.
Solana’s price has dropped 2.37 percent in the last 24 hours, selling at $190 per coin, according to 24th October figures. The SOL/USD 4-hour chart, on the other hand, is bullish, suggesting that the currency might go higher in the next hours or days.
The MACD line is bullish, while the relative strength index of 52 indicates that SOL is approaching overbought territory. Solana might aim to its first big resistance mark around $201 if it keeps its present trend.
Solana price might touch its all-time high level of $213 in the next few days if the bullish trend continues. Solana hit an all-time high on September 9 but has been unable to regain that level.