- Solana kicks Bitcoin into the curb on a weekly performance comparison, after SOL surges above $102.
- Solana receives 85,000 pre-orders for its blockchain phone, as of Thursday.
- SOL price climbs nearly 4% in the past week, the altcoin is likely to continue higher.
Solana is one of the altcoins that is outperforming the largest asset by market capitalization this week. SOL price climbed to its February high of $102.57 on February 2. The altcoin is likely to continue rallying towards resistance at $107.12.
Also read: XRP price faces risk of decline with XRPLedger AMM amendment proposal in jeopardy
Solana outperforms Bitcoin, receives per-orders for second release of blockchain phone
According to data from crypto intelligence tracker Santiment, Solana outperformed Bitcoin on a weekly timeframe. Solana started the week with an outage that raised concerns among SOL holders. SOL price nosedived to a local bottom at $92.88 on Tuesday but a recovery followed.
Solana price recovers from outage. Source: Santiment
At the time of writing, Solana price is $100.57 on Binance.
Solana dropped details of a key milestone in its pre-orders for the second release of its blockchain phone, Solana Mobile. As of Thursday, Solana has received 85,000 pre-orders for its phone, a new record.
85,000 preorders & counting
— Solana Mobile 2️⃣ (@solanamobile) February 7, 2024
Thanks to the community, your faith in us has fueled the #Chapter2 journey and is turning our vision into a reality
The first #Chapter2 Leaderboard snapshot is just 24 hours away
Preorder & share now https://t.co/LMnynuZBhW pic.twitter.com/w7cWPJdjIi
Solana price is likely to rally
Solana price is likely poised for 6% gains as SOL price recovers from its local bottom of $92.88 to $100.82, on Thursday. The altcoin sustained above the key psychological level of $100. The Moving Average Convergence Divergence (MACD) indicator flashes green bars and indicates there is positive momentum and SOL price could potentially rally.
The Relative Strength Index (RSI) reads 56.93, the reading is above the neutral level of 50. SOL price could face resistance at R1, $107.12, a level that acted as resistance for SOL since December 2023. If SOL price breaks past R1, the altcoin could rally towards its 2024 peak of $117.03.
SOL/USDT 1-day chart
A daily candlestick close below the daily support/resistance level of $90.79 could invalidate the bullish thesis for SOL. Solana price could then nosedive towards $85.42, its January 8 low.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
VanEck sees Bitcoin reaching $61 trillion market cap, Marathon buys $100 million BTC
Bitcoin declined by 1% on Thursday following asset manager VanEck's forecast that the top digital asset will reach a $61 trillion market capitalization by 2050.
Ethereum Classic price sets for a rally following retest of key support
ETC edges higher by 2.3% and trades around $22.60 at the time of writing on Friday after testing a key support area the day before. On-chain data showing increased account growth suggests a bullish move ahead. Ethereum Classic price faced rejection by the daily resistance level of $25.13 earlier this week.
Celebrity meme coins lose their shine
Celebrity meme coins report by Jupiter Slorg on Thursday shows that these tokens have been in deep waters since early July after experiencing heavy growth in June. In a recent analysis, Jupiter Slorg revealed that celebrity meme coins are down by an average of 94% from their all-time highs.
Ripple gains 5%, Mark Cuban says Kamala Harris’ nomination could affect SEC lawsuit
Ripple (XRP) made a comeback above key psychological resistance early on Wednesday. Crypto traders are optimistic after the Ethereum Exchange Traded Fund (ETF) launch. Entrepreneur and investor Mark Cuban recently shared his comments on how Kamala Harris’ nomination to the Presidential elections could influence crypto regulation.
Bitcoin: Will BTC manage to recover from recent market turmoil?
Bitcoin recovers to $67,000 on Friday after finding support around $63,500 a day before. Still, BTC losses over 1.50% on the week as Mt. Gox persists in transferring Bitcoin to exchanges.