Solana price has recently been one of the best performing cryptocurrencies among the top 100 by market capitalization. The digital asset is up more than 20% last week and nearly 73% so far this month, completely erasing this year’s losses.
Solana’s overall market capitalization increased 7.15% over the past 24 hours to $15 billion, while the total volume of SOL traded during the same period increased by more than 145%. At the time of writing, SOL price is trading 6.30% higher at $34.95, its highest level since October 2022.
SOL’s achievements
Solana price has been in the spotlight over the past week due to recent price surges and bullish sentiment in the market. Solana, the cryptocurrency that powers the layer 1 Solana blockchain capable of high-performance smart contracts, is currently ranked 7th.Day It is the largest cryptocurrency by market capitalization, surpassing competitors such as Cardano and Dogecoin.
The altcoin has recorded a significant recovery this year after the collapse of ill-fated cryptocurrency exchange FTX sent Solana down more than 95% from its all-time high of around $260. The cryptocurrency has recovered more than 300% from last year’s low of about $8. This year in particular, the ecosystem has recorded an impressive rebound in liquidity.
Data from DeFiLlama shows that the total value locked (TVL) of Solana-based smart contracts continues its upward trend, reaching $1.2 billion, more than doubling since early 2023. Additionally, Solana-based products saw the largest increase in total assets under management (AUM) in October, up 74% to $140 million, according to a report from CCData.
As cryptocurrency prices soared amid the recent Bitcoin EFT craze, Solana price also rose. Bitcoin, the largest cryptocurrency by market capitalization, is hovering around $34,500, its highest in more than a year. This move caused the prices of most cryptocurrencies to rise due to their close correlation with major cryptocurrencies.
Solana price outlook
Solana price has been maintaining a consistent upward trend over the past few days, suggesting that bulls maintain the upper hand. As can be seen on the daily chart, the asset has formed a bullish channel marked in yellow. Solana remains above the 50-day and 200-day exponential moving averages, as well as the 100-day and 200-day simple moving averages. The relative strength index (RSI) also remained in the overbought range at 77.
Therefore, Solana price is likely to continue rising in the medium term as it eyes the next resistance level of $40. A break above this level could pave the way for further upside to the next resistance level of $55. However, a drop below the 50-day EMA of $25.45 would invalidate the bullish argument.