Solana price action is still headed up in early hours of trading on Monday, adding 1.79% to its value to trade at $243.03. That effectively means that SOL is still trading above its position two weeks ago. It also increases the prospect of another all-time high in the near-term.
Solana’s rise and the prospect of matching BNB
Ten days ago, Solana was the fourth most valuable cryptocurrency by market capitalization. However, it then fell back quickly within a week to the eighth spot. That may have created jitters among some investors, but SOL has bounced back and on course to flipping USDT for the fourth spot.
It is likely that SOL could stay in the fourth position for a longer time this time round. That is because of the resilience it has shown during its downtime to stay within an uptrend. A longer stay in that position could create the traction needed to take on BNB coin in the race to becoming the ultimate “Ethereum killer”. Nonetheless, Solana co-founder, Raj Gokal has recently downplayed the motivation to “kill” Ethereum as being Solana’s main driving force.
Technical analysis for Solana price
Since September 22nd, the Solana price has been on an ascending trajectory, as shown on the chart below. The price is still within the channel and is likely to head higher, based on the strong RSI that is currently at 62. In addition, the MACD indicator is well above the signal line, thus strengthening bullish assertion. If the bulls increase their momentum, the price could rise to the first resistance at $247.08. However, if the price breaches the second resistance at $258.59, SOL could hit a new ATH.
Based on the current momentum, the price is unlikely to head lower significantly. Support is likely to be at $232.76, beyond which the price action could head down to $220s.
