29 October 2024
Solana (SOL), the fifth largest cryptocurrency by market cap, has recently outperformed several of the top ten cryptocurrencies with a notable 6% price increase over the past week. This rise puts Solana just behind Dogecoin (DOGE), which gained 7.8% over the same period, as the two best performers among the top ten cryptocurrencies by market capitalization.
As a result, Solana has surpassed the payment platform PayPal in market capitalization, marking a significant milestone for the cryptocurrency.
Solana Market Cap Hits $83.56 Billion
As of now, Solana’s market capitalization stands at approximately $83.56 billion, reflecting a 2% growth. In contrast, PayPal’s market cap is slightly lower at $83.52 billion, underscoring the growing interest and investment in SOL as it continues to attract attention from investors.
In terms of trading volume, Solana has seen a remarkable increase of nearly 28% in the last 24 hours, amounting to around $2.76 billion. This contrasts sharply with PayPal, which has averaged $11.66 million in trading volume over the past three months.
Despite its recent gains, Solana has faced challenges in breaking through its most important resistance level in the short term at $180, experiencing four unsuccessful attempts within the past week.
This struggle has led to a slight retracement of 1% in the last 24 hours, bringing the current trading price to $175.60 per SOL.
Potential Upside Breakout From Triangle Pattern
Despite any short-term obstacle, crypto analyst CryptoBullet has recently shared a bullish outlook for the Solana price, suggesting that the SOL/BTC trading pair is on the verge of a “big breakout.” According to the analyst, this potential movement could represent the final leg up in Solana’s current market cycle.
Previous predictions from CryptoBulltet indicated that Wave 4 of Solana’s price action on the weekly chart has concluded, setting the stage for a breakout from a “massive” triangle pattern, which could lead to new all-time highs.
However, while Solana is currently trading between $175 and $179, it remains down nearly 33% from its all-time high of $259, achieved during the 2021 bull market in November.
Looking at the key support levels, with the current consolidation mode experienced over the past week, the token has found strong support at $170, preventing it from retesting even lower levels, which if breached in the current retracement could take SOL to the $164 area, where its next support level is located.
However, given the number of bullish predictions for Solana and the broader market in the final months of the year, especially with the upcoming US elections, if the token manages to break above $180 and consolidate, the next target would be the $200 level, which has not been tested since the start of the last bearish trend at the end of July.
Featured image from DALL-E, chart from TradingView.com