The Solana price is flying on Friday. The SOL token has jumped by more than 9% and is trading at an all-time high of about $81.57. This brings the total gains this month to more than 157%, making it one of the best-performing coins this week. It has a total market capitalization of more than $23 billion.
Solana is a blockchain project that is backed by Silicon Valley heavyweights like Andreessen Horowitz and Polychain Capital. The recent fundraising valued the company raised more than $314 million, valuing it at billions of dollars.
Solana is a project that helps developers in all industry build decentralized applications. In the past few months, the number of developers building using its technology has risen to more than 400.
These developers love the fact that Solana has little congestion compared to Ethereum. It is also relatively safer compared to other platforms like Binance Chain and Ethereum Classic.
Most importantly, Solana is a relatively faster network that is capable of handling thousands of transactions per minute. At the time of writing, the average transaction per second was more than 2,000. This figure tends to change depending on market activity.
Therefore, the Solana price is bouncing back because investors believe that it is the next big thing in cryptocurrencies. Indeed, there is a possibility that it will overtake some networks like Polkadot that are seeing relatively muted activity.
Turning to the four-hour chart, we see that the SOL price has been in a consolidation phase in the past few sessions. Now, today’s jump saw the coin’s price pop above the upper side of this bullish flag pattern. It has also moved above the 25-day and 50-day exponential moving averages (EMA). Also, it struggled to move below the key support at $60.
Therefore, I suspect that the SOL price will keep rising as bulls target the key resistance level at $100. This view will be invalidated if Solana moves below $60.