Solana Surges Over 8% Amid Broader Crypto Market Rally
Solana's price has increased by over 8% in the past 24 hours, trading around $165. This rise coincides with a 5.3% increase in total cryptocurrency market capitalization.
Key points include:
- SOL's value has surged more than 50% in the last month.
- Market capitalization has risen to $86 billion, up 62% in the same period.
- Ethereum recently implemented the Pectra upgrade, leading to a 21% price increase and higher activity.
- Ethereum saw $248 million in spot inflows, compared to Solana’s $94 million.
- Current price analysis shows SOL is testing resistance at $169.90; breaking this could lead to $170 and $180 targets.
- Potential rejection could lower the price to $162.11 or $135.62.
- The RSI indicates bullish momentum but suggests possible near-term correction.
- The MACD shows positive crossover, indicating sustained bullish trends.
- Analyst Ali Martinez suggests that surpassing the $200 mark could trigger a significant bull run for Solana.
SOL price chart with RSI and Bollinger Bands | Source: Trading View
SOL price chart with MACD | Source: Trading View