Solana claims the 4th position in the entire crypto market, gaining more than 43% in the month of October. Flipping Cardano in terms of market capitalization, the blockchain-based protocol proved that it is the best Ethereum killer in the crypto space.
With the data from CoinmarketCap showing a 5.57% surge in the token’s trading volume, the value traded stands at $3.4 billion. On the other hand, the market cap rose to $76.1 billion. Being one of the most actively traded tokens, SOL has been on a rampage rising from $38 to $260 in the past 90 days.
The nearest price resistance is present at $258, while the nearest support is at $201. Another support is present at $194.5. It seems that these price levels are currently holding as the token made a new all-time high 16 hours ago, above $260.
Solana price analysis on the daily chart using technical indicators
The technical indicators are high bullish for the SOL/USDT price action. With the 50-day and 100-day Moving Averages currently below the price action, we can confirm that Solana is in an uptrend, and these levels will act as support in the near future.
Furthermore, the price action tried to break out from the upper end of the Bollinger Bands but wasn’t able to maintain that position. Nevertheless, the prices are still bullish as the token maintains its position in the upper area of the Bands.
The RSI indicator shows that the price of the token is in the overbought region, i.e., the buyers are stepping over the sellers. This might be a good time to capitalize on some of the profits you made from the token.
Furthermore, the MACD indicator is still bullish as the histogram is full of green bars, and the MACD (blue) line is progressing above the orange (signal line).
Solana token remains bullish in the long term as well as the short term. However, the market movement still depends upon Bitcoin, whose dominance rests above 40%.