Solana Reaches All-Time High Against Ethereum: What’s Next for SOL?
Solana has jumped by 10% in the past 24 hours, rising to $153 on a day when the crypto market as a a whole has recovered by 4%.
This lift now means that SOL is at an all-time high against Ethereum, having hit approximately 0.061 ETH earlier this morning.
And while it’s still down by 15% in the past week, it retains a 10% gain in a month and an impressive 570% return in a year.
Such percentages will give it plenty of momentum as we head into the final months of the year, in which it could pass $200.
Solana is now regaining strength, with a wave of buyers returning to the coin in the past couple of days in order to take advantage of discounts.
Its indicators would suggest that it’s getting close to the top of its comeback, with its RSI (purple) touching 70 today.
This would indicate that SOL is actually entering overbought territory, although its 30-period moving average (orange) still hasn’t climbed over its 200-period average (blue) yet.
In other words, Solana could rise for one or two more days yet before correcting a little again.
It has recovered more strongly from Monday’s selloff than many other major alts, with its out-performance enabling it to reach the aforementioned ATH against ETH.
This record highlights the trajectory Solana has been on for much of the year, helped along by its blockchain’s status as the platform of choice for meme tokens.
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