cryptopolitan.com
- An 11% gain saw Solana price set a new all time high at $231.
- Solana is now the 5th biggest cryptocurrency by market capitalization.
- Today Solana price analysis is bullish.
Solana is now the 5th biggest cryptocurrency by market capitalization after toppling Cardano to position 6. Counting down the gains of the altcoin since the start of the year brings us to 12246%. Thereby making Solana the most profitable crypto investment in 2021. The price is also up by 11% in the last 24 hours.
Solana price analysis on the hourly charts: Dropping market choppiness
The choppiness index has dropped from the 60 level to the 40 level on the 4-hour chart, suggesting that the market may move in a single direction. The bulls appear to be in command at this point. As a result, we reaffirm our bullish view that Solana’s price will rise in the coming sessions.
However, there is the presence of short red bars on the 4-hour MACD, which somewhat suggests chances of a retracement from the $227 level. Nonetheless, there is a huge possibility that the buyers are correcting lower in preparation for a rapid consolidation towards the all-time high. If that is the case, we can buy on dips with a target of $248. However, if Solana continues its uninterrupted rally towards the all-time high, we expect price action to hit our final target of $258 in no time.
The Solana project is a proof-of-stake blockchain network built with a vision to revolutionize the current state of affairs. The growing team has been solving issues that have plagued other similar projects, especially scalability and throughput. Solana has already achieved its first milestone of building a blockchain network that can process over 710,000 transactions per second.
This week, we saw some bullish momentum as the price tested and broke above $227. There was a new high created at $231 before the price started consolidating. As a result, there was a short-term correction initiated from $231 to $218. It seems like the 5th wave has been completed at $218 and could be heading higher in the coming sessions.
At the time of writing, Solana is valued at $227. The heatmap shows Dogecoin and Bitcoin and Ethereum, Avalanche, Polkadot, and Cardano, all trading in the green. On the Coin360 rankings table, Dogecoin is currently ranked highest, with a growth of 2.2 percent over the previous 24 hours.
Solana Price Analysis: Conclusion
Solana’s price has been consolidating in the past several weeks after a strong rally to $177.5 in October. Following a brief downturn from $177 to $140, there were several more days of consolidation. Consolidation peaked at $153 on the last day of October when it was then followed by a quick rise to $190.
The price of Solana (SOL) surged throughout the day, reaching a new all-time high of $231 this afternoon. All the bears were dispersed owing to this situation. As a result, we are expecting that the value of Solana will continue to rise and reach the higher objective of $250.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.