- Solana hits a new all-time high above $50 as the protocol adoption gains traction.
- SOL secures higher support above $40, but bulls focus on breakout above $50.
Solana is up a whopping 3,500% since the beginning of 2021. The token's growth has been consistent and unwavering even in times of turmoil. For instance, SOL continues with the rally to $50 despite the correction in the cryptocurrency market led by Bitcoin's drop under $50,000 last week.
Solana Uptrend Strengthens as Network Adoption Expands
The Solana blockchain has been gaining presence in the market, directly connected to the colossal uplift in price. SOL hit a new record high around $52 on April 26 amid a surge in the number of users, streaming in to explore the high transaction throughput and other key features.
Meanwhile, Solana is exchanging hands at $48 at the time of writing. A correction has occurred from highs of $52. It is apparent that bulls fight for support above $40 if not $45.
The Moving Average Convergence Divergence (MACD) indicator confirms that bullish outlook sustains the uptrend above the mean line (0.00). Moreover, the MACD line (blue) holds above the signal line, adding credence to the bullish narrative.
SOL/USD four-hour chart
Simultaneously, the Relative Strength Index (RSI) has sustained the position within the overbought region, affirming that bulls are in control. In other words, continuous action toward 100 would keep investor interest on track. Another break above $50 would trigger massive buy orders that will likely build the next phase to $100.
Looking at the Other Side of the Picture
Solana depends on support at $45 or if push comes to shove, $40. Trading under this may see overhead pressure intensifies. A correction would also cause panic among investors who may respond by selling to cash out for profit. The crucial support areas to keep in mind include the 50 Simple Moving Average Convergence Divergence (MACD) and the 100 SMA on the four-hour chart.