Solana price hit a new all-time high on Tuesday, going on to hit the $218.40 mark before declining marginally. After spending the last two weeks fighting the resistance at $170, SOL made the most of its one-week uptrend, going on to register the second ATH in less than two months.
Following its latest achievement, Solana has dislodged XRP from the sixth position in terms of market capitalization. At the time of writing, Solana had a market capitalization of $62 billion, $10 billion more than XRP. It also strengthens assertions that Solana could be on its way to establishing itself as an “Ethereum killer”.
Solana price has been on an ascending trajectory over the past six days. During that period, the price was driven by a strong market momentum, with the RSI growing steeply from 52 to the current 72. If the buyers sustain the momentum, they are likely to push the current price to the first resistance at $214.45, which is marginally below the recent all-time-high. Beyond that point, Solana coin price is likely to retest the ATH at $218.25, and possibly set a new ATH.
On the flipside, the RSI has already breached the 70 mark, which signals that the asset may have been overbought. That could set in motion a reduction in the buying momentum. If the momentum reduces, the SOL/USD pair could slide down to 197.25 for the first support. Beyond that point, the next support could come at $172.38. Further losses in momentum could see the price going down to the long-term support at $154.06, just below the rising channel.