Solana price has gained over 8% in the past week, breaking the important $60 level. As of this writing, Solana is trading up 3% at $61.07.Over the past week, the asset’s total market capitalization has climbed to $25.9 billion, ranking it sixthth The largest cryptocurrency after XRP. The total volume of SOL transactions fell by 8% on the last day.
Bullish hints for SOL
As it continues to grow, Solana’s price has become one of the best-performing cryptocurrencies this year. The “Ethereum Killer” has impressed investors throughout the year amid resurgent bullish sentiment, with SOL’s price rising by more than 513% so far this year. Institutional investors also shared the bullish sentiment, making Solana their favorite altcoin.
In the week ending November 24, Solana recorded nearly $3.5 million worth of inflows, much higher than the inflows of other altcoins combined. The asset has seen higher monthly inflows of $40.2 million, which is lower than Ethereum’s $99.6 million inflows during the same period. Other altcoins, including Litecoin and Ethereum, have also seen significant outflows, making Solana the source of nearly half of DeFi. This means that, in terms of institutions, Solana is the best performing altcoin right now, with much higher long-term upside potential than other digital assets.
Notably, the Solana DeFi ecosystem achieved an important milestone earlier this week. Its total value locked (TVL) hit a new yearly high, exceeding US$655 million, a significant increase of 211% from the US$210.5 million TVL recorded at the beginning of the year.
In addition, Solana also has an amazing transaction speed of tens of thousands of transactions per second (TPS), exceeding Ethereum’s 15 TPS. ARK Invest chief executive Cathie Wood recently praised the network’s efficiency and cost-effectiveness. In an interview with CNBC on November 15, Cathie Wood described the Solana Network as an important infrastructure player in the broader blockchain ecosystem and compared it to giants such as Bitcoin and Ethereum.
“At the time, Ethereum was faster and cheaper than Bitcoin — that’s how we got Ethereum. Solana was faster and more cost-effective than Ether,” Wood said.
Solana Price Outlook
The daily chart shows that Solana price has maintained enough momentum to rise further in the future. The digital asset has been hovering near yearly highs over the past few days after breaking above the key $60 level. Price indicators point to a potentially bullish market, with the Relative Strength Index (RSI) hovering above the neutral line in bullish territory. The Moving Average Convergence Divergence (MACD) indicator also shows the red bars fading, indicating a weakening bearish outlook.
Therefore, Solana price is likely to continue higher in the coming sessions as buyers gather momentum to push the price to this year’s high of $68. A move above this level could open a potential rally towards the next resistance at $77.50. However, if the breakout fails and bearish momentum builds, Solana price could drop towards the immediate support at $51.30.
SOL Price Chart
