Solana (SOL) Looks ‘More Bullish Than Before’ After Flipping BNB As 4th Largest Crypto

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As a seasoned crypto investor with a knack for spotting promising projects and navigating market volatility, I must say that the recent surge of Solana (SOL) is nothing short of impressive. The US elections have indeed given the crypto market a much-needed boost, and Solana’s performance has been nothing short of spectacular.

The cryptocurrency market is experiencing a 6.8% increase after the U.S. presidential elections, pushing Bitcoin to reach a fresh record high (ATH). This boost has led to a majority of the market closing green for the day, with Solana (SOL) seeing a significant jump of 15.8% in the last 24 hours and reclaiming an important support level.

Solana Dethrones BNB As 4th Largest Crypto

The outcome of the U.S. elections provided the much-anticipated lift to the crypto market that many investors and analysts had been waiting for. Early on Wednesday morning, the leading cryptocurrency, based on market capitalization, saw a nearly 8.6% jump, moving closer to its all-time high of $75,358.

This spike in the market was sparked by the election success of a pro-cryptocurrency Republican candidate similar to Donald Trump, along with a congress generally favorable towards cryptocurrencies, rather than US Vice President Kamala Harris. Consequently, this led to a series of optimistic price increases throughout the market.

After Bitcoin’s surge, Solana experienced a rise of more than 15%, with the $180 mark now acting as a foundation. Furthermore, the digital currency approached its highest value since July, coming close to the $190 barrier that serves as resistance.

In the past 24 hours, the daily trading activity for SOL has significantly spiked by approximately 210%, reaching a staggering $10.7 billion. Simultaneously, its market capitalization experienced a significant boost of around 14.66%, resulting in an impressive market cap of $88.1 billion.

Due to its impressive performance, Solana surpassed Binance Coin (BNB) in terms of market capitalization, making it the fourth largest cryptocurrency. This move ignited optimism among investors about Solana, with some analysts forecasting a potential surge toward its Q1 highs.

Is SOL Getting Ready For $400?

During the third quarter’s market downturn, Solana was recognized as one of the robust cryptocurrencies that maintained its position above its breakout points while many other altcoins faced difficulties. After last night’s performance, crypto trader Koz described Solana’s chart as “exceptionally impressive,” one of the finest charts available in the market.

The digital currency exceeding $180 signals a break free from a 8-month price range, which began following Solana reaching its annual peak of $202. Moreover, World of Charts views SOL as exhibiting a stronger bullish trend compared to earlier times.

According to the analyst’s observation, the cryptocurrency surpassed the top boundary of a bullish flag formation following an almost breach in late October. As per World of Charts, this successful breakout could indicate a significant surge in bullish momentum ahead.

For the analyst, this wave might eventually push Solana’s value to a fresh all-time high (ATH) of around $400. Furthermore, crypto expert Jelle emphasized the surge, suggesting that Solana (SOL) is poised to attempt reaching its annual peak prices again.

Reaching the $200 level again, last seen in March, might push cryptocurrency past its all-time high of $260 within the next few weeks. But it’s crucial that Solana maintains the $180 level to keep rising, as a rejection at this point could cause SOL’s price to drop back towards the $160 support.

SOL trades at $186.9, a 4.12% and 27.56% increase in the weekly and monthly timeframes.

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2024-11-07 06:40