Solana price rally continued on Thursday, as it went on to register another all-time high, hitting the $250 mark. SOL has had a scintillating run this week, gaining 8.2% on Tuesday and 10.1% on Wednesday. However, it corrected marginally in early hours of trading on Friday, and was at $243.74 at 0716 GMT. That price was 1.4% lower than its position 24 hours earlier, but kept the price well within the uptrend.
Solana’s big rise and motivation to rise higher
Following its gains of about 24% over the past seven days, Solana now occupies the fourth position in the crypto market capitalization ranking. With a value of $73 billion, SOL is still some way off Binance Coin (BNB) which is in third position with a value of $98 billion.
However, if there’s one thing that Solana has shown us, is that a 34% rise isn’t too farfetched. Therefore, SOL could as well soar past BNB in the next few weeks. For context, Solana has risen by 48% over the past month, compared to BNB’S 33%. Therefore, if the motivation for SOL bulls will be to flip BNB, then it is only a matter of “when” and not “if” it will happen.
Rarible to integrate Solana
In the meantime, one of the leading NFT marketplaces, Rarible, has revealed that it is in the process of integrating Solana in its platform. That could be an invaluable achievement for Solana, bearing in mind its ambitions to take on Ethereum’s dominance of the NFT and smart contracts segments.
Technical analysis for Solana price
The Solana price RSI has risen from 61 to the current 73 since 28th October. The current momentum is still strong, but the$250 ATH could prove difficult to breach heading into the weekend. If the price breaches that mark, then the next resistance could be at $260. However, SOL has a tendency to reverse when the RSI nears the 75 mark. If the momentum weakens, the price could slip to the first support at $220 and possibly to the second support at $203.
