After Bitcoin broke a record and reached an all-time high, almost all altcoins, especially Ethereum, started to rise. SOL, which ranks 5th among the 100 most valuable cryptocurrencies, is also among the altcoins that keep up with this rise.
SOL, which is about 5% away from reaching its highest price ever to $216, seems to delight its investors even more.
Having prepared a good ground for itself after this recent positive movement in the market, SOL broke several important resistance levels and revealed that buyers are not worried about the downward pressure. Thanks to its pleasing rise, the altcoin, which has been traded over $ 6.8 billion in the last 24 hours, is currently trading at just over $ 200.
With a market cap of $60.99 billion, SOL has risen 8.56% in the last 24 hours and 26.6% in the previous seven days, according to CoinMarketCap.com.
As the famous crypto trader “CrediBull” stated, investors should prepare themselves for new records not only in SOL but also in other altcoins.
This idea was predicated on a potential rejection from BTC near ATH. Note the ORANGE region was the last line of defense before a much larger drop. It held, BTC broke resistance, and the bearish scenario was invalidated. Prep for new ATH not just on $LEFT, but on MANY other alts. https://t.co/3KcvxFajLV pic.twitter.com/oJc1w9qqdt
— CrediBULL Crypto (@CredibleCrypto) October 21, 2021
More than 400 projects are currently active in the Solana ecosystem and approximately 2327 transactions are processed with SOL every second. Despite the large number of transactions, the average transaction cost is only a small $0.00025. It seems that the altcoin, which is attracting attention in this aspect, will continue to be popular in the next period.
Looking at the 4-hour chart, $216, the record high for the SOL, is seen as the first significant resistance. Once this resistance is broken, the price could quickly rise towards the next resistance, $230.
If things go wrong, especially if BTC falls sharply, the first important support point is the $ 190 levels. In the worst-case scenario, a sell-side position can be taken below $175 as the stop level.
