- Summary:
- Solana price has risen slowly but consistently for the past three days, and has outperformed Bitcoin by multiple metrics.
Solana price extended its stepwise ascent on Monday, rising by 1.1 percent to trade at $144.05. The crypto coin looked set to invert its previous three-day losing streak with successive three day gains, but its weekly losses still stood at 2.9 percent as of this writing. Solana has outperformed Bitcoin, with its year-to-date gains standing at 42 percent as of this writing versus BTC’s 39 percent. In addition, its gains over the past 52 weeks stand at 560 percent, dwarfing Bitcoin’s 125 percent.
However, SOL yet to retest its all-time highs this year, unlike Bitcoin, which set a new ATH back in March. That means that Solana has been the more profitable and consistent of the assets, and potentially has a stronger bullish undercurrent. One of the bottlenecks to Solana’s potential blowout has been network congestion issues. However, it has been months since it reported paralysing downtime, and that has helped attract more projects to its ecosystem.
The success of the SOL currency has not been entirely its own making, buy the ripple effect of successful projects building on the Solana ecosystem, such as BOME, Dogwifhat and BONK. Meanwhile, the Solana DeFi TVL stood at $4.79 billion as of this writing, having declined by 8 percent in the last month- lower than Ethereum’s loss of minus 19 percent.
Analysis of Solana momentum
On the 2 hour Solana price chart, the 20-SMA recently crossed above the 50-SMA. In addition, the price has just crossed above the 20-SMA, signaling the strengthening of the upward momentum. Also, the RSI indicator reading is at 51, lending support to the continuation of the upside.
Solana price support and resistance levels
Solana price will likely continue with the upside if the buyers keep the action above 141.60. That could see them encounter the first resistance at 143.95. However, if they extend their control, they could manage to clear that barrier, and clear the path to test 145.88. On the other hand, moving below 141.60 will signal control by the sellers, which could establish the first support at 139.95. A breach of that mark will invalidate the upside view and strengthen the downside momentum to potentially test 138.40.
