Left (LEFT) It wants to put itself on the top ten most valuable cryptocurrencies list by making a strong rally last week. At the time of publication of this analysis, Solana is trading at an all-time high of $207.34, up 15% for the second consecutive day.
Solana (SOL), designed as a competitor to Ethereum, cryptocurrency Since stepping into its world, it has managed to become a closely followed crypto currency. In addition to all this attention, Solana has gained immense popularity in the last few months. Since the beginning of this year, Solana has increased in value 113 times and generated a revenue of 112%. Following this move, SOL cryptocurrency managed to pass the crucial resistance at $195.
A break of this resistance confirms a strong uptrend and buyers are not worried about any downside dips.
Solana Still Not In the Overbought Region
Solana, recently coinbase witnessed strong trading activity on the stock exchange.
Nick Spanos, co-founder of Zap Protocol, told Forbes that Solana’s mid-term outlook is still bullish. Spanos noted that Solana has seen a significant increase in the number of active token holders in the last few weeks, noting that interest in Solana has increased significantly.
“While SOL’s RSI level hovers around 55-60, SOL is overbought pressure, noting that a correction is not expected in the near future. If the RSI level continues to rise and rises above 70, it indicates that the SOL is overbought and overvalued, at least in the short term.”
The Solana blockchain platform is emerging as the top choice for new DeFi players in the market as it continues to take market share from Ethereum.
Cardano and Solana are currently seen as the strongest contenders standing against Ethereum. If this strength continues, Solana may even surpass $212 in the near future.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.