The News Crypto -
- Solana (SOL) rose 53% in the past seven days.
- It faces selling pressure with the daily RSI at 77.
Solana, a blockchain platform once dubbed the “Ethereum killer,” is generating substantial buzz in the crypto market. After a year and a half, SOL has surged above $100, reaching $126 as a Christmas surprise before settling at $115.6 following a slight decline.
Moreover, within just seven days, SOL witnessed a remarkable 53% surge, its most significant leap since December 2021. Despite a temporary dip, the SOL/ETH price graph showcased an unprecedented climb, hitting 0.051 ETH per Solana token, indicating an upward trajectory unlikely witnessed in recent times.
This resurgence has propelled Solana to the fourth position among cryptocurrencies by market cap, surpassing others and reigniting discussions among analysts about its potential to outperform Ethereum’s market performance in the ongoing bullish market.
The recent surge surrounding Solana is on the excitement stirred by meme coins and airdrops, coinciding with the launch of Solana’s phone, the Solana saga. In addition, December marked a significant milestone as the Solana network saw a record-breaking addition of 6.8 million unique addresses, surpassing the previous high set in May 2023 at 6.6 million addresses.
What is SOL’s Next Target?
Analyzing Solana’s price movements reveals a predominantly bullish outlook. The 9-day exponential moving average (EMA) currently positions itself below the trading price at $101, indicating an optimistic trend. However, caution surfaces as the daily relative strength index (RSI) stands at 77, signaling an overbought condition.
Solana Price Chart, Source: TradingView
Looking ahead, the trajectory for SOL’s next target remains speculative yet optimistic. If the price surpasses the $117 level, it could test a support level at $138. Conversely, a drop below $109 might trigger a decline towards the $102 support level.
Notably, the crypto community eagerly awaits the unfolding of events as Solana’s resurgence and its impressive market performance continue to captivate attention, fueling speculations and projections.
This article was originally published on thenewscrypto.com
