Solana Price Rockets To The Moon, Hits New Record High At $65

Last Updated August 16th 2021
2 Min Read
  • Solana price overshadows other altcoins by exploding to new all-time highs of $65.
  • Solana’s network transactions explode to 24.1 billion amid increased speculation.
  • SOL bulls are currently focused on securing higher support, preferably above $60.

Solana outperformed other crypto assets this weekend by extending the bullish leg above $50. Last week, the token settled above $40 and seemed to falter at this level. Bulls later took complete control during the weekend session bolstering the star token above $50.

In the last 24 hours, SOL soared by another 37% to trade above $65. A new all-time high was also achieved at $65. The uptrend was triggered by news that Solana was becoming a better choice for market players in the blockchain space.

Currently, Solana is gaining traction with its growing utilities, especially with Wormhole, a bridge created to support communication between the SOL blockchain and other protocols such as Ethereum. Binance Smart Chain and Terra. According to Colin Wu, a renowned crypto-journalist:

“The Solana public chain has also set a new high with a lock-up volume of $1,854,341,405.74. Solana’s total transaction volume reached 24.1 billion transactions, many of which may be fake transactions.”

Solana Price Discovery Far From Over

At the time of writing, SOL is teetering slightly above $60. Bulls are keen on establishing higher support, preferably at this level. With robust support in place, Solana will have ample time gaining ground toward $70.

Meanwhile, the technical picture remains highly bullish, especially considering the Moving Average Convergence Divergence (MACD) indicator. Its vivid bullish impulse suggests that buyers have the upper hand, and this situation will likely last through the following sessions.

According to the Relative Strength Index (RSI), Solana is heavily overbought. However, investor interest is strong enough to keep bulls in the cockpit and the RSI pointing north. Realize that this technical index tracks the asset’s trend and calculates the strength of the bulls and the bears. As long as the technical outlook remains unchanged, investors can anticipate another breakout above $65.

SOL/USD Daily Chart

 SOL/USD Daily Chart 081621

On the downside, if support at $60 fails to hold, investors have to acclimate to the idea of a correction gaining traction. The following tentative support at $50 will perhaps prop the bulls for another upswing above $70.

Nonetheless, the bearish outlook may fail to occur due to the ever-growing investor interest reinforced the network’s utility in the DeFi and NFT sectors.

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