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SOL shows strength below $ 70

Solana (SOL), the proprietary token of the decentralized computing platform Solana, made further strong gains on Tuesday and climbed into the top 10 cryptocurrencies by market capitalization.

SOL / USD 1-hour candle chart (FTX). Source: TradingView

SOL moves up in top 10 cryptocurrencies by market capitalization

Based on data from Cointelegraph Markets Pro and TradingView, the SOL / USD pair rose another 15 percent on Tuesday, briefly climbing above $ 72.

Since SOL has recorded an increase of almost 70 percent over the week, dealers have focused very much on him. During the day, he was able to achieve the third best weekly development for a crypto token.

SOL has now also moved into the top 10 cryptocurrencies by market capitalization and has overtaken Uniswap (UNI).

“Solana has risen 60 percent since the downtrend was confirmed and has hit new all-time highs,” summarized trader and analyst Rekt Capital that day together.

Trader Pentoshi was even more optimistic, calling SOL an “absolute bargain”, even at the current record level.

“SOL is in the pricing phase,” he said on Twitter.

“I think if it goes up to $ 56-60 it’s an absolute bargain, even at the all-time high. That should be new support and only the sky is the limit now. I’ve invested a little and has already made a big plus today. “

Relative to Bitcoin (BTC), Solana fell more sharply after hitting a high of 0.00163. At the time of going to press it was 0.00147.

SOL / BTC 1-day candle chart (Binance). Source: TradingView

More and more people are seeing old season

Solana has achieved a rare success in the current altcoin market with it. Because this is dependent on the price movements of Bitcoin.

In this context, when does Dogecoin go to the moon? On-chain data and trading volume indicate: soon

However, as Cointelegraph reported, traders remain optimistic that the altcoins are making a comeback. Bitcoin is currently consolidating after hitting a preliminary high at $ 48,000.

Now may be the right time to act. Because the strong resistance at $ 48,000 is the final threshold before Bitcoin can climb above $ 50,000 again.

Meanwhile, a spike in the SOL / USD RSI has not resulted in a correction, although some people feared it could disrupt the uptrend.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


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