Solana price has just stolen the spotlight among altcoins, breaking out with powerful momentum that has traders buzzing. The latest 6% daily surge comes on the back of a broader market rally led by Bitcoin’s impressive climb to $115k. As a result, Solana’s market cap now stands at a staggering $112.54 billion with daily trading volume rocketing nearly 90% higher, echoing a strong surge of interest.
The energy behind Solana’s move isn’t an accident. In the past 24 hours, $195M in altcoin shorts were liquidated as Bitcoin ramped higher, creating fuel for Solana’s breakout. A fresh wave of bullishness was also triggered after Solana’s co-founder, Anatoly Yakovenko, challenged Ethereum’s layer two security models.
SOL’s price rally has plenty of confirmation under the hood. The coin decisively reclaimed the $200 level after piercing both its 30-day SMA at $204.37 and its long-term 200-day SMA at $177.33. Technically, this marks a momentum shift, as price action closed above both the pivotal $197.6 region and the 50% Fib retracement of $205.42.
Talking about indicators, the MACD histogram just turned positive (+1.3), reflecting a bullish crossover and increasing upward momentum. With the RSI close to 59.31, there’s ample room for continued gains before the chart runs into the typical overbought zone above 70. SOL’s daily low and high from $193.61 to $204.88 carve out a new support base, this is while resistance now sits at $222.2.
What I’m watching next is how Solana holds above $205.42. Sustained closes above this level confirm the rally is real and could open the rallies towards $211.78 and $222.27. If buyers manage a weekly close above $222, then the chart’s structure positions the asset for a potential return to the $280 region.
“$SOL is still holding its 3-year support trendline. The most important level for Solana is $280, and a weekly close above it will trigger a massive rally. I still think $400-$500 SOL is happening this cycle.”
— BitBull
Solana’s price surge was jump-started by Bitcoin’s climb to new highs, which triggered a cascade of altcoin buying, forced liquidations of short positions, and renewed confidence from bullish narratives within the ecosystem.
SOL’s RSI is just shy of 60, suggesting there’s room before extreme overbought signals. Momentum and breakout confirmation point to more upside potential if key resistances are breached.
The next resistances are $211.78 and $222.27. If these levels are convincingly captured, then the path to $280 opens.
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