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  • Solana price continues the uptrend after setting a new ATH at $130.
  • SOL find formidable support around the $107 zone.
  • The RSI, Parabolic SAR and MACD show that Solana will remain bullish in the short-term.

One of the assets that has dominated the cryptocurrency market over the last few weeks is Solana. Solana price has risen by over 170% from around $43.26 on August 15 to the current price at $116.60. Investors continue to speculate about its Solana’s fast growth amongst the ‘Smart contract’ blockchains that may rival or even outperform Ethereum in the long-run, hence the name ‘Ethereum Killer.’

The SOL price rise saw it set a new record high on Wednesday around $130. Its market value has crossed the $30 billion mark to $33,824,149,575 making it among the world’s 10 biggest cryptos by market capitalisation. Solana is currently ranked t #8 on Coinmarketcap and is trading at 116.60 at the time of writing.

Solana Price Rally Finds Support At $107

The Solana price crossed the $100 mark on Monday August 30 in a rally that took it to new record highs around $115. The bulls tried to continue with the gains on Tuesday but SOL closed the day in the red at $107, despite recording a new all-time high at $130. Solana bounced off the $107 mark yesterday to closing the day in the green indicating that that Solana had turned this point into support.

SOL bulls must defend this area to if the bullish momentum is to be sustained. Note that if this support holds, the next level to watch would be the $120 psychological level with the new ATH at $130 the next logical level. Investors should not that it is absolutely necessary for the ‘Ethereum Killer’ to keep holding these higher support areas in order to keep hitting higher highs in the short-term.

SOL/USD Daily Chart

Solana Price Daily Chart
Solana Price Chart. Source: Tradingview

Note that Solana’s daily chart reveals technical indicators that are adding credence to SOL’s bullish outlook. For example, the Parabolic SAR flipped from negative to positive on August 28 and moved  below the price. Note that as long as the Parabolic SAR remains below the Solana price, the bullish leg is set to continue.

Also, the upsloping moving averages validate SOL’s bullish outlook. Moreover, the position of the Relative Strength Index (RSI) currently at 85 in the overbought area shows that the bulls are in absolute control of the Solana price.

Finally, the Moving Average Convergence Divergence (MACD) indicator retracted from sending a call to sell crypto signal on August 26 and remained above the signal indicating that the bullish momentum was not about to fade off. Also, the position of the MACD above the zero line in the positive region suggests that buyers have the upper hand, and the uptrend can carry on.

On the flip side, if the Solana price loses the recent support at $107 slides below it, the bulls may take a breather before restarting the bullish leg. However, a massive correction may occur if SOL slides below the rising trendline and this could take the asset towards the $93.47 support wall or around the $70 major support zone.

Where to Buy Solana?

If you want to trade SOL, you can do so on crypto exchanges such as eToro. This is an FCA regulated platform with over 20 million user globally. eToro charges low trading fees and commissions.

Looking to buy or trade crypto now? Invest at eToro!

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