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


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!
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