|

Solana price rally, despite a 600% increase, does not intend to stop rising

  • Solana price, at the time of writing, is trading just under $70 after rising by more than 6.5% in the last 24 hours.
  • Solana has outperformed every major cryptocurrency this year, rising by nearly 600% year to date.
  • The bullish cues suggest a further rise is on the cards, pushing SOL to a 19-month high.

Solana price is continuing its dream run despite the challenges faced by the crypto market since the beginning of the year. The altcoin is close to marking not only a fresh year-to-date high but also a 19-month high.

Solana price to see more green

Solana price can be seen trading at $69 at the time of writing, rising by over 6.5% in the last 24 hours. The cryptocurrency is inching closer to breaching the $70 mark to test the resistance level at $71. Invalidating this barrier is crucial for SOL to secure the recently achieved gains and also mark the highest price point noted by the cryptocurrency since May 2022.

In fact, year to date, SOL has been the only major altcoin, or cryptocurrency, for that matter, that has come close to even marking a rally as significant. Rising by 600%, SOL holders have witnessed spectacular profits and might continue to do so once Solana price is pushed beyond $71.

Year-to-date performance of top cryptocurrencies

Year-to-date performance of top cryptocurrencies

The price indicators - the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD) - are both exhibiting bullish signs at the moment. This supports the bullish expectations from Solana price breaching $70.

SOL/USD 4-hour chart

SOL/USD 4-hour chart

However, if the breach fails, SOL would most likely fall back to $66. Moving sideways would give it a chance at reigniting the rally, but a fall through this support line would invalidate the bullish thesis, causing a crash to $64 or $61.

Author

Aaryamann Shrivastava

Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.

More from Aaryamann Shrivastava
Share:

Editor's Picks

Bitcoin Weekly Forecast: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.
Ripple Price Forecast: XRP bulls defend $1.20 as sell-side pressure triggers liquidations
Ripple (XRP) trades around $1.25 on Friday, rising from a short-term support level established at $1.20. This minor upward correction follows a sharp sell-off, triggered amid reports of a hack attack on the Binance exchange that impacted approximately $6.3 billion. The attack drove the broader crypto market on edge, as Binance suspended both deposits and withdrawals to contain the situation.
Bitcoin, Ether and XRP selloff wipes out $1.5 billion in leveraged crypto bets
Crypto traders betting on higher prices had about $1.29 billion in positions forcibly closed over the past 24 hours, as the selloff following Binance’s security breach pushed bitcoin, ether and smaller tokens lower. Total liquidations reached $1.53 billion by Friday morning in Asia, according to CoinGlass. Long positions, bets that prices would rise, accounted for 83.8% of the total.
Crypto Today: Bitcoin, Ethereum, XRP sell-off cools after Binance security breach
Cryptocurrency prices are on edge on Friday, with Bitcoin (BTC) delicately holding onto a short-term $78,000 support, Ethereum (ETH) edging lower near $2,200 and Ripple (XRP) attempting a recovery above support established at $1.20. The cooldown follows Binance, the largest crypto exchange, after it reported a hack that impacted about $6.3 billion.
Bitcoin: Binance security breach and hawkish Fed push BTC lower
Bitcoin (BTC) continues to weaken this week, down more than 3% and heading for its fourth straight weekly loss. The largest cryptocurrency by market capitalization is facing a bearish outlook, fueled by a hawkish Federal Reserve (Fed) outlook at the October meeting and a reported $6.3 billion hack at Binance, which is driving risk aversion and triggering heavy liquidations.