Solana (SOL) is on a strong bullish run, touching a new ATH early on Monday, after briefly breaking into the top 10 cryptocurrencies by market capitalization over the weekend; although it has dipped to the 11th rank at present. At the time of writing, SOL/USDT is trading around $63.25.

The Ethereum killer has notched up daily gains of almost 45% and weekly gains of over 70% on the back of the strong bullish sentiment prevalent in the crypto market. Its uptrend received quite the boost over active weekend trading after crypto king Bitcoin crossed the $47,000 mark and started making its way towards $50,000.

Propelling the rise in Solana’s price was news that NFT project Degenerate Ape Academy which was running on its blockchain sold out its collection of 10,000 ‘smooth brained’ apes within eight minutes of its launch. Starting at 13.8 SOL, the collection enabled those who minted it to make more than 100% profits within 24 hours. What stood out, however, was the extremely low transaction fees on Solana’s network, working out to around 0.01 cents.

According to analysis by crypto research firm Messari, Solana ranks seventh among cryptocurrencies in terms of trading volume – a clear sign of growing interest among investors and users in its technology. The total circulating supply of SOL tokens has also experienced a sharp spike in recent days, going from 272 million on 11 August to over 284 million by 12 August.

Key Levels to Watch

On the H4 price chart of SOL/USDT, moving averages as well as leading technical indicators momentum and MACD are signaling a strong bullish bias at the moment. Solana’s price has crossed the pivot point at $48.22 and overcome the first resistance level at $60.10.

A strengthening in the bullish momentum can see investors face resistance at the next level at $66.67 going forward. Once this level is broken, SOL can easily cross above the $70 and $80 marks as long as the sentiment supports the positive mood.