Solana (SOL) Reaches All-Time High: What Is The Reason?

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Solana (SOL) has been on a strong bullish rise, on Monday the cryptocurrency hit a new all-time high and also broke into the top 10 cryptocurrency market by capitalization during the weekend. It presently sits as the number 11th at the time of reporting this and it is trading at $63.25.

The cryptocurrency is one of the coins that is tagged as Ethereum killer and it has gathered a daily gain of almost 45% and a weekly gain of 70% on the back of a strong bullish sentiment that has been prevalent in the crypto market. Its uptrend received a significant boost over the weekend because of active trading. Bitcoin suppressed 47,000 USD and it’s already making its way to 50,000 USD.

The rise of Solana has been fueled by the recent success of the NFT project by the Degenerate Ape Academy that was running on Solana’s blockchain. They sold out their collection of “smooth-brained” apes within eight minutes of its launch. Staring at 13.8 SOL, the collection enabled those who minted it to make more than 100% profit within 24 hours. What stood out, however, was the extremely low transaction fee on Solana’s network, working out to be around 0.01 cents.

According to an analysis from crypto research firm Messari, Solana ranks seventh among cryptocurrencies in terms of trading volume. This is a sign of growing interest among investors and users in its technology. The total supply of SOL in circulation has also increased in the last couple of days, going from 272 million on the 11th of August to 284 million by August 12.

What You Should Pay Attention to

On the price chart of SOL/USDT, moving averages as well as technical indicators momentum and MACD are signaling a strong bullish bias at the moment. Solana’s price has crossed the pivot point of $48.22 and overcome its first resistance level at $60.10.

A strengthening in the bullish momentum can see investors face resistance at the next level at $66.67 going forward. Once this level is broken, SOL can easily cross above the $70 and $80 marks as long as sentiments support the positive mood.

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