Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

Solana price show successful caller times has been remarkable, surpassing Ripple and Binance Coin to go the fourth-largest cryptocurrency by marketplace cap. The SOL terms breached the captious level of $100 for the archetypal clip since April 2022 implicit the play to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the marketplace is overheated. At the clip of writing, the ‘Ethereum killer’ was trading somewhat little astatine $111.60.

SOL Outlook

Solana terms has made a important betterment implicit the past fewer weeks, climbing supra the intelligence level of $100. The altcoin has been 1 of the best-performing assets this year, extending its year-to-date gains to much than 1,025%, with much gains recorded successful the past period alone. However, adjacent with specified growth, analysts person noted that Solana has a bleak accidental of topping its ATH of $260.

The crushed down this is the summation successful proviso comparative to its value. In November 2021, erstwhile the Solana terms deed its all-time precocious of $260, its full marketplace capitalization was astir $78 billion. Despite the worth of the crypto plus being little than fractional of what it was astatine the top, its marketplace headdress is presently hovering adjacent $50 billion.

This has been brought astir by the summation successful the Solana proviso by much than 100 cardinal SOL implicit the past 2 years. According to immoderate analysts, for the altcoin to retest $260, its full marketplace headdress would person to beryllium astir $111 billion, which seems alternatively hard with organization investors pouring billions into the asset.

SOL’s caller surge has been connected the backmost of important on-chain activity. The ongoing hype for the blockchain’s speedy transactions and inexpensive fees has buoyed SOL’s on-chain activity. Additionally, the crypto marketplace has been successful the greenish implicit the past fewer weeks, boosted by a weaker US dollar and the imaginable deadline for the archetypal support of a spot Bitcoin ETF connected January 10, 2024.

Solana Price Outlook

Solana terms has been connected a beardown bullish trajectory implicit the past fewer weeks, contempt facing a beardown rejection astatine the important absorption level of $120. The integer plus remains supra the 50-day and 200-day exponential moving averages and the 100-day and 200-day elemental moving averages. Its Relative Strength Index (RSI) stands astatine 74, indicating that the plus is overbought owed to its caller rally.

As such, the marketplace would person to chill down earlier resuming its rally. Furthermore, its bullish momentum is waning close now, characterized by the receding greenish bars of the Moving Average Convergence Divergence (MACD) indicator.

Therefore, Solana terms could acquisition a correction to $100 oregon little until the marketplace cools down, aft which it would stitchery the spot to resume its rally. On the different hand, if the bulls proceed to complaint the altcoin, Solana could flip the contiguous absorption astatine $120, adding assurance to its existent marketplace position.