Solana price’s price rally continued on Wednesday, as it soared to a new all-time high. At the time of writing, the price had reduced slightly to $227.99, after having hit a new ATH of $232. Following its new achievement, Solana has effectively overtaken Cardano to take the fifth spot in crypto market capitalization ranking.
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Solana has been on a steady ascent since mid-August, seeing its price rise from $47. The price rally went on to rise past the $200 mark in the first week of September, but then went on to depreciate to $124 between 9th and 21st September. However, it has since embarked on a steady rise since then, rarely staying three days in the red.
One of the most important factors that have seen Solana rise is the widespread belief that it could pose a threat to Ethereum. That credibility has now been bolstered after moving past Cardano, the other so-called “Ethereum killer”. SOL’s latest advances mean that only Binance Smart Chain is ahead of it among the list of 4 notable “Ethereum killers”. That is likely to motivate more investors to invest in Solana in the near-term and long-term.
Technical Analysis for Solana price
The Solana price trajectory is on an uptrend going back six days. Over that period, the buying momentum has been strengthening significantly and the RSI is currently at 71. With the strong momentum likely to build on the new ATH, further gains seem likely.
In the near term, the next resistance is likely to be the ATH at $232. If the momentum weakens, SOL is likely to find the first support at $216.09. However, a breach past that point is likely to result in the second support being established at $203.06. At that point, a further slip could head as low as $183.83, following the breach of the psychological support at $200.
