The cryptocurrency market is staging a rebound towards the weekend. Solana’s (SOL) price rose to new all-time highs of $88.53 on Friday, up more than 218% in six weeks of trading. At the time of writing, SOL was exchanging hands at $86.37, up 12.45% in the last 24 hours and 12.62% weekly. With a present market valuation of $24.62 billion, Solana has flipped Uniswap to rank 10th largest in cryptocurrency ranking by market capitalization. Solana has forayed successfully in the non-fungible token (NFT) sector since mid-August with the launch of Degenerate Apes. The Solana ecosystem has also seen explosive growth, recently launching a range of NFT projects. All-Art Protocol is releasing Solsea, the first open NFT marketplace on Solana. With Solsea, creators can embed licenses directly in NFTs, mint individual NFTs while leveraging Solana’s low transaction costs.
Key Levels
Resistance Levels: $105, $100, $95
Support Levels: $70, $65, $61
SOL/USD Daily ChartSolana continued to advance in recent weeks, posting higher highs and higher lows on the daily chart while remaining above both its MA 50 and 200, which are positively aligned in support of a bullish outlook. Today’s advance skyrocketed SOL price past $87 to uncharted territory sending the RSI above 70 into the overbought territory. The latter increases the odds for a downside correction.
Only a decisive close below the previous high at $61.44 would raise concerns about the sustainability of the market’s upward direction. To get to $61.44, sellers should breach the $65.88 support. If more downside follows below $61.44, the MA 50 and 200 at $42.82 and $31.71 respectively may come in defense. Alternatively, the price could search for new record highs somewhere between the $90 and $100 psychological levels.
SHIB/USD 4-Hour ChartAfter a brief consolidation, Solana ticked higher in the last 8 consecutive 4-hour sessions to rest near a fresh all-time high of $87.22. The 4-hour RSI is yet to confirm overbought conditions, a signal that fresh record highs may be achieved. Jumping above the latest record high, SOL could attempt the $90 mark ahead of the $100 round number.
Otherwise, if the market declines below current levels, the $81.96 level could come into focus ahead of the MA 50 at $74.74. Moving lower, the $66.15 level could attract traders’ attention before touching the $58.85 level. In brief, Solana’s price is viewed as strongly bullish, though with the potential for a brief correction, which may be regarded as reentry points.
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