The Solana price has been in the limelight in the past few days. The SOL token has jumped more than 43% in the last seven days, placing it among the best performing digital assets in the crypto market. The coin’s total market capitalization has jumped 22% to $51 billion. The total volume of Solana traded in the last 24 hours has jumped more than 250% to $12.4 billion. Solana currently ranks as the seventh-largest cryptocurrency in the world, outstripping Dogecoin.
The overall cryptocurrency market has been on a rally for the past few weeks. The global crypto market capitalization has been hovering over $2.34 trillion for the past few days before pulling back. It declined 4.82% later today to $2.23 trillion.
Most cryptocurrencies have a close correlation. Therefore, Bitcoin’s recent rally to a fresh multi-month high boosted the momentum in the crypto market. The world’s biggest digital asset has been hovering over the crucial $50,000 level. The Bitcoin price hit an intraday high of $52,920 before pulling back below the $50K level.
The Solana price jumped more than 277% in August and more than 52% since the start of September. It has also jumped nearly 80,000% since the year started.
The rising demand for the coin will boost the coin’s price. Investors remain optimistic about the SOL’s performance in the near term.
Solana Price Technical Analysis
In my last article, I predicted that the Solana price could surpass the $100 resistance level. The coin has been hovering over this level since the end of August.
The four-hour chart shows that the SOL price has been on a strong bull run for the past few weeks. It has been moving above the 25 and 50-day exponential moving averages. It is also trading above the 50-day moving average.
Therefore, with the ongoing rally in the crypto market, the SOL price is likely to continue rallying. The next logical target will be the intraday high at $195. However, a move below the crucial level at $100 will invalidate this view.