Solana [SOL], has emerged as one of the biggest winners of the past week and saw massive double-digit gains. The new week started with a spark for cryptocurrencies all across the charts as prices blinked bright green. While Bitcoin was sitting pretty above the $51k mark, the altcoins were pulling their own weight by ascending.
At press time, Solana was trading for $145 with a total market cap of $42.4 billion. The spike becomes apparent when one compares Solana’s price point just a month ago. Back in August, Solana was trading for a lowly $26.6 after which the cryptocurrency saw a price and rank boost on the charts. A 43 percent weekly climb elevated SOL’s market volume to $3.143 billion.
Solana 1 hour:
Solana’s performance in the hourly spectrum has been consistent for the past 72 hours. Price action pointed to a cryptocurrency in the throes of a battle between the bull and the bear. SOL’s immediate support clocked in at $115 while the green candles dominated over the past day.
Relative Strength Index: The RSI dipped slightly from the overbought zone, indicating a change in holding behavior. There was no immediate reason to panic as the investors continued to remain bullish.
Chaikin Money Flow: SOL CMF climbed strongly above the zero-line to show that the capital coming into the market was more than the outflow.
Parabolic SAR: The markers holding below the price candles was a ticker for the rising momentum in the SOL ecosystem. The PSAR’s bullish lean was helped along by solid green candles.
Solana 1 day:
In the long term, it was clear that SOL was hitting cruise control to set new all-time highs. The cryptocurrency’s current price point of $145 is the highest it has ever reached with indicators showing more sustained pushes.
Relative Strength Index: SOL’s RSI was above the overbought threshold, settling at its highest point ever. All-time highs have contributed to the largest influx of users into the Solana ecosystem.
Parabolic SAR: With red candles barely able to make a dent in Solana’s price action, the Parabolic SAR markers continued to stay under the graph. The markers only blinked bearish once in the last month.
Chaikin Money Flow: Solana’s CMF formed a K-shaped graph after a sudden spike in investments. The strong bullish sentiment was accentuated by the fact that the last time the CMF fell below the zero line was in the middle of July.