Solana Price Climbs to Yearly High, Outshining Rivals Dogecoin and Cardano

Solana price has been among the best-performing cryptocurrencies successful the apical 100 cryptocurrencies by marketplace capitalization successful caller days. The integer plus has jumped by much than 20% successful the past week and astir 73% successful the period to date, wiping losses made this year.

Solana’s full marketplace headdress has gained 7.15% successful the past 24 hours to $15 billion, with the full measurement of SOL traded implicit the aforesaid play expanding by much than 145%. At the clip of writing, SOL terms was trading 6.30% higher astatine $34.95, its highest level since October 2022.

SOL’s Performance

Solana terms has been successful the limelight implicit the past week successful the aftermath of its latest terms pump and bullish sentiment by markets. Solana, the cryptocurrency that powers the high-performance smart-contract-enabled layer-1 Solana blockchain, presently ranks arsenic the 7^th largest cryptocurrency by marketplace cap, surpassing its rivals specified arsenic Cardano and Dogecoin.

The altcoin has recorded a important comeback this twelvemonth aft the illness of the ill-fated crypto speech FTX saw Solana propulsion backmost much than 95% from its all-time precocious of astir $260. The cryptocurrency has recovered much than 300% from past year’s lows of astir $8. Notably, its ecosystem has posted an awesome rebound successful liquidity this year.

Data by DeFiLlama shows that the full worth locked (TVL) successful Solana-based astute contracts remains successful an upward trajectory and astatine $1.2 billion, has much than doubled since the commencement of 2023. Additionally, reports by CCData amusement that Solana-based products observed the astir important summation successful the full fig of assets nether absorption (AUM), climbing by 74% to $140 cardinal successful October.

The caller pump successful the crypto prices amid Bitcoin’s EFT buzz has besides buoyed the Solana price. Bitcoin, the largest cryptocurrency by marketplace cap, has been hovering astir $34,500, its highest level successful much than a year. This determination saw astir crypto prices borderline higher owed to their adjacent correlation with the flagship cryptocurrency.

Solana Price Outlook

Solana terms has been connected a accordant uptrend implicit the past fewer days, suggesting that bulls person retained the precocious hand. As seen connected the regular chart, the plus has formed an ascending bullish transmission shown successful yellow. Solana remains supra the 50-day and 200-day exponential moving averages, arsenic good arsenic the 100-day and 200-day elemental moving averages. Its Relative Strength Index (RSI) has besides remained successful the overbought portion astatine 77.

Therefore, the Solana terms is apt to proceed moving higher successful the medium-term arsenic bulls oculus the adjacent absorption astatine $40. A breach supra this level mightiness pave the mode for further increases to the adjacent absorption astatine $55. However, a driblet beneath the 50-day EMA astatine $25.45 volition invalidate the bullish thesis.