Since bouncing off a key support level above $122 in early September, Solana (SOL) has been steadily gaining bullish momentum, mirroring Bitcoin’s (BTC) recent uptrend. For the first time since mid-March, Solana has consistently closed above its daily falling logarithmic resistance trend, signaling renewed control by the bulls.
The large-cap altcoin surged over 3%, retesting the crucial $200 mark for the first time since April. This rally has solidified Solana’s position as the fourth most valuable digital asset, surpassing Binance Coin (BNB) with a fully diluted valuation of around $115 billion and an average daily trading volume of approximately $6.3 billion.
But what’s driving this surge? Is it simply market sentiment, or are there deeper, fundamental factors at play?
From a technical perspective, Solana appears well-positioned for a continued rally, potentially heading towards its all-time high. The coin’s daily Relative Strength Index (RSI) is on the cusp of breaking above the 70 mark, indicating a possible parabolic rally.
However, a brief pullback to retest support above $180 could occur before SOL resumes its upward trend.
The crypto market has gradually gained bullish momentum since the historic victory of Donald Trump as the 47th President of the United States. Additionally, the bullish sentiment was bolstered by the Fed’s decision to cut the benchmark interest rate by a quarter basis point, thus following in the footsteps of the Bank of England (BoE).
Solana’s rising popularity has attracted a wave of investors looking to diversify their crypto portfolios. Positioned as a major player in the Web3 space, Solana is challenging Ethereum’s dominance, evidenced by its impressive network activity.
In the last 24 hours alone, Solana recorded over 5 million daily active addresses, while Ethereum registered around 400K.
The future of Solana is full of potential. As the network continues to evolve, it’s exciting to see what’s in store.
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