While several cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) have been methodically testing new resistance levels during the current market rise, Solana (SOL) has been on a spectacular, virtually continuous, upward trajectory.
According to information gathered by Finbold from Coinmarketcap on November 15, the token’s market cap increased by $4 billion in the previous 24 hours, from about $22 billion to $26.5 billion. Its price increased by 20.69 percent in a day, reaching $63.34.
In a broader perspective, SOL has been on a tear for the better part of a month, gaining close to 190% since the middle of October.
Despite the continued dumping of FTX’s assets and the attempts of investors and traders to grab profit, the cryptocurrency has managed to rise to the sixth place in terms of market cap during the current surge.
The token’s price has been steadily rising, and there’s a chance it might soon surpass $70, a level not seen since late 2022. The debut of SOL permanent futures trading by Coinbase (NASDAQ: COIN) on Monday, November 13 has further contributed to the market’s upward momentum.
In spite of the bullish sentiment and purchase signs, it is worth noting that the cryptocurrency previously made a break above $64 late last week, only to retrace and stabilize around $55 for a few days.
In addition, the current trend is reminiscent to the one experienced in April and May of 2021, when the price dropped below $25 after initially reaching $53 and $61. While this surge has been impressive, it is worth noting that the coin has been defying standard technical analysis (TA) signs, which have been pointing to a likely drop for weeks.
Finally, even if SOL follows its 2021 trend to some degree, it isn’t out of the question that its price might thereafter rocket to new all-time highs like it did two years ago.
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