Solana Skyrocket to Place New All-Time High. Is it a Good Time to Go Long? - Forex News by FX Leaders

Solana Skyrocket to Place New All-Time High. Is it a Good Time to Go Long?

Posted Wednesday, November 3, 2021 by
Arslan Butt • 2 min read

SOL, the native token of the smart contract-enabled blockchain Solana, has increased in value by 7% in the last 24 hours, making it the fifth-largest cryptocurrency by market capitalization.

This has inverted Cardano’s ADA, which seems unable to keep up with its fellow “Ethereum killer.” The price of ADA is up by 2% on the day, but it has lost 8% of its value in the last week. Solana currently has a market cap of more than $64 billion, while Cardano’s market cap is $63.5 billion.

SOL/USD Live Rate

[[Solana-graph]]

The SOL/USD closed at $220.678, after placing a high of $222.222, and a low of $201.147. SOL/USD continued its bullish streak, pushing its prices higher amid improved market adoption of the network.The cryptocurrency appears to be gearing up for a bullish impulse, in the hopes that it might flip Cardano regarding market capitalization. Data suggests that SOL might only need $1 billion in total market value, in order to position itself ahead of ADA.

The total market cap of Cardano is $63.44 billion, whereas data from CoinGecko suggests that Solana’s market cap is hovering around $62.42 billion. As these altcoins are neck and neck in terms of market share rankings for the fifth spot, there is a chance that SOL could flip ADA. These expectations kept SOL higher in the market on Tuesday, and pushed its prices close to the $223 level.

If Cardano’s market share remains the same and Solana manages to gain more than $1 billion in market value, then such market behavior is possible. However, it might be too early to tell, as these coins have a high correlation coefficient.

Solana violates double top resistance at $218 – What’s Next?

The SOL/USD is trading with a solid bullish bias at the $227 level, having already violated the double top resistance at $218. On the higher side,  immediate resistance for Solana prevails at the $244 level, and a continuation of the bullish trend could extend the buying trend until the $265 level.

Daily Technical Levels

Support           Resistance
207.142           228.217
193.608          235.756
186.068          249.291
Pivot Point:   214.682
On the lower side, immediate support for SOL/USD  prevails at the $210 level. Violation of this level could extend the selling trend until the $198 level. An upward channel is extending support in the 4-hourly timeframe. Let’s consider staying bullish over the $214 level and vice versa. Good luck!
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Related Articles
Comments
0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments