SOL emerges position #5 by market cap after new all time high at $231
TL;DR Breakdown
- An 11% gain saw Solana price set a new all time high at $231.
- Solana is now the 5th biggest cryptocurrency by market capitalization.
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.
Solana price movement in the last 24-hours: Solana outshines Cardano by market capitalization
Solana (SOL) once again emerged as the best performing altcoin of the day after the bulls gained an 11% increment in the last 24-hours. As a result, the Ethereum-Killer toppled Cardano from the fifth position among the top 10 altcoins by market cap. Thereby sending Cardano to position six. The 11% gain saw Solana set a new all-time high at $231 in the early morning trading session. Here is data from Coin Market Cap showing the gradual increase of Solana’s market capitalization to $62.627 billion.
Solana price analysis on the hourly charts: Dropping market choppiness
The choppiness index has dropped from the 60-level on the 4-hour chart to the 40-level, indicating that the market could trade in one direction. At the look of things, the bulls are in control. Thereby reinforcing our bullish outlook that the price of Solana will trade upwards in the upcoming 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.
At press time, Solana is trading at $227. Data from the Coin360 heatmap shows the coin, alongside Bitcoin, Ethereum, Avalanche, Polkadot, and Cardano are all trading in the green. Dogecoin is the worst performer on the heatmap with a drop of 2.2% in the last 24-hours.
Trading volume for Solana went up by a whopping 70%, hitting a record $4.269 in one day. The fully diluted market capitalization for SOL/USD is trading at $116.55 billion.
Solana price analysis conclusion
Solana price has recorded lots of consolidation in the past few weeks after the October rally peaked at $177.5. More days of consolidation followed after a brief correction from $177 to $140. The consolidation peaked at $153 at the close of October, which was followed by a rapid ascent to $190.
Last night the coin flew to a higher high of $229, and later this morning set a new all-time high at $231. A situation that scattered all the bears. Therefore, we are hoping that the price of Solana will keep rising and bring home the upper target of $250.
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