Solana (SOL) Preparing for A New All-time High Above $200, Short-Term Remains Bullish

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Solana (SOL)

Solana (SOL) has posed a solid rally over the last week and is looking to make its way into the top-ten crypto spot. As of press time, Solana is trading at a new all-time high of $207.34 surging 15% for the second consecutive day in a row.

Solana, dubbed as the Ethereum competitor, has gained immense popularity over the last few months. On a year-to-date chart, SOL has appreciated by 113x times registering a staggering 112% returns. With this move, the SOL cryptocurrency has managed to cross a crucial resistance of $195.

This confirms a strong bullish trend and the fact that buyers aren’t concerned about any downward pressure.

Solana Still Not In the Overbought Region

Over the last two days, Solana has witnessed strong trading activity on the world’s largest crypto exchange Coinbase. This shows the increased popularity of Solana among investors.

Speaking to Forbes, Nick Spanos, cofounder of Zap Protocol, said that the medium-term outlook for Solana still remains bullish. Spanos said that Solana has attracted several new buyers over the last few weeks with the number of active token holders rising considerably. He further added:

“With the token’s RSI hovering around the 55-60 level, there is no indication that sol is overbought and could be on course for a correction. If the RSI continues to rise and goes above 70, that would suggest sol has become overbought and is potentially overvalued, in the short term at least”.

Along with Chainlink, Solana is also dodging the recent market correction while continuing a strong journey to the north. The Solana blockchain platform is emerging as the top choice for new DeFi players in the market as it continues to eat into the market share of Ethereum.

Along with Cardano, Solana (SOL) is one of the formidable competitors to Ethereum in the top ten list. We can expect SOL to break past its all-time high of $212.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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