Recent Solana price analysis indicates that the bulls have taken the driver’s seat as prices of the crypto have surpassed the $45 mark.
As of this writing, SOL is trading at $46.25, up 40% in the last seven days, data from Coingecko show, Tuesday.
The market is anticipated to continue its ascent as long as $41 serves as support. Nevertheless, the bears may claw their way back if prices fail to surpass the $42 resistance barrier.
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Solana Outperforms Major Cryptos
Solana’s price behavior over the past seven days has outpaced Bitcoin, BNB, XRP, and Cardano despite not displaying as much upside as Ethereum during the same time period.
If SOL keeps going up, its market capitalization might exceed Cardano’s $16.4 billion and overtake it as the eighth-largest digital asset by market cap.
Tuesday saw the global cryptocurrency market capitalization surpass $1 trillion for the first time in as many months. Nonetheless, the total trading volume of cryptocurrencies decreased by more than 1 percent to $63 billion.
The price of Solana experienced a robust bounce as investors continued to purchase dips. The token’s breakthrough of the $46 threshold represented its highest price since May of this year.
SOL Gets 70% More Light
SOL has increased by more than 70 percent from its year-to-date low as the volume of its DeFi platforms has grown. Solana’s market capitalization of $15 billion makes it the ninth largest cryptocurrency in the market.
Solana was able to overcome $44’s primary obstacle and convert it into support. Thus, SOL soared past the rising triangle, which is currently being tested as support. If this range is sustained over the medium term, the route to $59 will become less difficult.
The price of SOL has climbed by around 20% during the previous 36 hours. It rose from a monthly low of $38.60 to a new monthly peak of $46.25. The quick increase has enabled the cryptocurrency to pass a significant area of resistance, which could lead to new highs.
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SOL total market cap at $15.5 billion on the daily chart | Source: TradingView.com
In the near future, the bulls may seek to drive prices higher and surpass the $42.01 resistance level. The following resistance levels for bulls are $43 and $43.5. Prices are exhibiting a bullish ascending triangle pattern.
Meanwhile, STEPN, a top-rated Solana-based Move-to-Earn initiative, announced last week that its platform fees produced over $122 million in income during the second quarter of this year. This is significant Solana news that is shaping the broader cryptocurrency market.
In related news, Katana, the premier Yield Generation protocol for Solana, has disclosed that the platform has received over $600 million in options volume traded through the platform, indicating the enormous demand for Yield Farming services on Solana.
Featured image from AwakenTheGreatness, chart from TradingView.com