- 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
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC & ETH rebound, XRP rallies ahead of CPI data
Bitcoin and Ethereum prices continue to recover on Wednesday after finding support around their key levels this week. On the other hand, Ripple remains strong and found support around its upper symmetrical triangle boundary.
Ripple donates $100,000 to California wildfire relief efforts; XRP investors anticipate SEC's opening brief
Ripple is up 5% on Tuesday following recent positive developments surrounding its ecosystem and JP Morgan's prediction of over $8 billion in inflows into XRP ETF if it gains approval from the Securities and Exchange Commission.
Bitcoin could lose its diversification status as correlation with stocks increases
Bitcoin's rising correlation with the traditional stock market is gradually affecting its role as a portfolio diversifier. This trend has been visible following Bitcoin's similar reactions to the S&P 500 upon macroeconomic data releases.
Crypto Today: BTC taps $97K, DOGE and XRP in green as SEC sues Musk ahead of Trump Inauguration
The cryptocurrency sector rose by 2.4% on January 14, with the aggregate market capitalization crossing $3.3 trillion. Bitcoin price reclaimed the $97,000 resistance level, with technicals signaling upside ahead.
Bitcoin: Room for a recovery or continuation of the pullback?
Bitcoin’s price slightly recovers and trades around $94,700 on Friday after declining nearly 6% earlier this week. US Bitcoin spot Exchange Traded Funds data shows signs of mild recovery, with a total net inflow of $462.2 million until Thursday.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.