• The Solana price has seen considerable upward momentum, breaching several key resistance levels.
• The coin has appreciated by nearly 20% in the past 24 hours, and 40% in the past week.
• The market capitalization of Solana has increased, making it available at a 90% discount to its all-time high.
The Solana price has been on a major bullish run in recent times, with the coin breaching key resistance levels and achieving considerable gains in the past week. Over the last 24 hours, SOL has seen an increase of nearly 20%, and in the last week, the altcoin has appreciated by a whopping 40%. This impressive rally can be attributed to the fact that Bitcoin’s price has remained above $20,000, leading to a surge in the prices of other altcoins.
The technical outlook of the coin is currently highly bullish, with the coin having broken through multiple resistance levels and being overbought. This means that the coin could be due for a price correction, thus presenting buyers with a potentially lucrative buying opportunity. Furthermore, the market capitalization of Solana has also increased, meaning that there is an increased demand for the coin, making it available at a 90% discount to its all-time high, which was established in 2021.
As of now, the coin is trading at $25, which has acted as a stiff resistance level in the past. It is essential that Solana stay above this price point in order to maintain the bullish momentum. The next overhead resistance is at $31, which the coin will need to breach in order to make further gains. With the current bullish trend in the crypto market, it is likely that Solana will make further strides in the coming days.