Solana price hits new all-time high as SOL/USD soars 25%

SOL terms has reached its highest level ever astatine $145.22, information from CoinGecko shows

Solana's terms has seen a parabolic determination to a caller all-time precocious of $145.22, surging implicit 25% successful the past 24 hours arsenic optimism astir non-fungible tokens (NFTs) sees galore investors eyeing the project.

SOL, the autochthonal token connected the platform, has seen its worth blast disconnected to caller highs with 1 of the champion performances successful the crypto marketplace implicit the past fewer weeks. The token's gains implicit the past week and 30 days adhd up to 90% and 320% respectively, helping Solana to ascent higher successful the marketplace headdress rankings to presently beryllium successful the 7th spot.

Solana's marketplace headdress of astir $42 cardinal astatine clip of penning puts it up of Dogecoin (DOGE) with $38.4 cardinal and down XRP, which ranks 6th with astir $59 cardinal successful marketplace cap.

Solana terms outlook

Pseudonymous cryptocurrency trader The Crypto Dog says Solana's beardown show makes it "hard to telephone tops", with prices apt to spell higher.

At the moment, SOL/USD is changing hands astir $142, with the flimsy diminution mostly driven by traders anxious to fastener successful immoderate profits.

But looking astatine the method picture, SOL is apt to determination higher arsenic it trends further into terms find territory. The overbought outlook of the regular RSI and the bullish position of the MACD adhd to the expanding positivity among bulls.

SOL/USD regular chart. Source: TradingView

If buyers support the upside vantage seen since the breakout from lows of $22 connected 20 July, different plaything higher could enactment SOL/USD connected the moon. Immediate targets northbound of existent prices are astir the $160 and $180 levels.

The affirmative outlook volition commencement to slice if the terms fails to clasp supra $140, with $130 and $110 cardinal enactment zones. The upsloping curve of the 20-day exponential moving mean (EMA) suggests the uptrend is intact. If, however, terms retraces heavy from the anchors mentioned above, SOL/USD mightiness trust connected the 20 EMA astatine $90 for support.