– Solana (SOL) is the best performing cryptocurrency amongst the top 20 by market cap today, surpassing the $10 resistance level.
– The total crypto market cap is currently at $808 billion, with Bitcoin trading at $16.735.
– The 4-hour chart for SOL/USD is bullish, with the MACD line crossing into the positive zone earlier this week.
Solana (SOL) has been on a tear in the last 24 hours, soaring past the important $10 resistance mark and becoming the best performing cryptocurrency amongst the top 20 by market cap. The coin has surged by more than 7%, recording a price of $11.89 at press time. The total cryptocurrency market cap remains above $800 billion, with Bitcoin losing less than 1% today and trading at $16.735.
The technical indicators for the SOL/USD 4-hour chart has turned bullish, as Solana has been performing well over the last few days. The MACD line crossed into the positive zone earlier this week, indicating that the coin has been outperforming the broader market since the start of the week. This is a sign that the coin could continue its upward trajectory in the near future.
Analysts believe that the rally of SOL could be attributed to the upcoming launch of its mainnet, which is scheduled for the end of April. The launch of the mainnet is expected to bring a number of new features and enhancements to the Solana ecosystem, including an optimized consensus algorithm, a new staking mechanism, and support for decentralized applications.
The surge in SOL’s price is also being driven by increasing institutional interest in the token. Recent reports suggest that a number of large crypto hedge funds have been buying up Solana tokens in anticipation of the upcoming mainnet launch. This is likely to continue driving the coin’s price higher in the short term.
In conclusion, the rally of SOL is likely to continue in the near future. The upcoming launch of its mainnet is expected to bring a number of new features and enhancements to the Solana ecosystem, while increasing institutional interest in the token is likely to further drive the coin’s price higher. For these reasons, investors should keep an eye on the coin and consider buying in while prices remain low.