While many cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) are carefully testing new resistance levels throughout the current market rally. solana (LEFT) has been in a remarkable, almost uninterrupted uptrend.
According to data from Coinmarketcap, in the last 24 hours alone the token has added $4 billion in market capitalization, a massive increase from around $22 billion to $26.5 billion. Its price followed suit and rose by 20.69% in one day to $63.34.
Zoomed out, Solana was up over the previous month, rising nearly 190% since mid-October. Growing steadily last week, Solana rose by 46.31% from its price of $43 last Wednesday.
Really cryptocurrency Its unit has risen to sixth place in terms of market cap throughout the current rally and has so far successfully weathered downward pressure from both the ongoing drain of FTX’s assets and investors and traders seeking to profit.
Can SOL Reach $70?
altcoinThe steady increase in the price of is heading towards a real possibility that the token could soon reach $70, a price not seen since late 2022. The upward momentum was also supported by certain industry news, such as the launch of SOL perpetual futures trading announced by Coinbase (NASDAQ: COIN) on Monday, November 13.
It is noteworthy that despite the enthusiasm and buy signals regarding the cryptocurrency, it attempted to break out towards $64 late last week, only to retreat and consolidate around $55 for a few days.
Koinfinans.com Additionally, as we reported, its recent pattern is similar to the one seen in April and May 2021, when it tested both $53 and $61 before falling below $25. Still, it is noteworthy that the token has defied common technical analysis (TA) indicators throughout the rally, as they have been pointing to a possible correction for several weeks.
Finally, even if SOL follows the 2021 pattern to some extent, it is unlikely that its price will subsequently rise to all-time highs as it did two years ago.