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Solana Outperforms Major Cryptos
Solana’s price behavior over the past seven days has outpaced Bitcoin, BNB, XRP, and Cardano despite not displaying as much upside as Ethereum during the same time period. If SOL keeps going up, its market capitalization might exceed Cardano’s $16.4 billion and overtake it as the eighth-largest digital asset by market cap.Image - Changelly
SOL Gets 70% More Light
SOL has increased by more than 70 percent from its year-to-date low as the volume of its DeFi platforms has grown. Solana’s market capitalization of $15 billion makes it the ninth largest cryptocurrency in the market. Solana was able to overcome $44’s primary obstacle and convert it into support. Thus, SOL soared past the rising triangle, which is currently being tested as support. If this range is sustained over the medium term, the route to $59 will become less difficult. The price of SOL has climbed by around 20% during the previous 36 hours. It rose from a monthly low of $38.60 to a new monthly peak of $46.25. The quick increase has enabled the cryptocurrency to pass a significant area of resistance, which could lead to new highs.Suggested Reading | XRP Must Breach This Key Level To Avert The Downturn
SOL total market cap at $15.5 billion on the daily chart | Source:In the near future, the bulls may seek to drive prices higher and surpass the $42.01 resistance level. The following resistance levels for bulls are $43 and $43.5. Prices are exhibiting a bullish ascending triangle pattern. Meanwhile, STEPN, a top-rated Solana-based Move-to-Earn initiative, announced last week that its platform fees produced over $122 million in income during the second quarter of this year. This is significant Solana news that is shaping the broader cryptocurrency market. In related news, Katana, the premier Yield Generation protocol for Solana, has disclosed that the platform has received over $600 million in options volume traded through the platform, indicating the enormous demand for Yield Farming services on Solana.
Featured image from Vecteezy, chart from