Crypto

Solana is now in price discovery as SOL shows strength below $70 all-time highs


Solana (SOL), the in-house token of decentralized computing platform Solana, continued major gains on Aug. 17 to become a top-ten cryptocurrency.

SOL/USD 1-hour candle chart (FTX). Source: TradingView

SOL becomes top ten market cap crypto

Data from Cointelegraph Markets Pro and TradingView showed SOL/USD gain another 15% on Tuesday, briefly passing $72.

Against weekly returns of nearly 70%, attention from traders was firmly focused on SOL, which on the day had delivered the third-best weekly performance of any crypto token.

SOL also entered the top ten cryptocurrencies by market cap, surpassing Uniswap (UNI).

“Solana has rallied +60% since confirming a breakout past the downtrend, rallying to new All Time Highs,” trader and analyst Rekt Capital summarized on the day.

Fellow trader Pentoshi was even more bullish, calling SOL an “absolute steal” even at current record levels in USD terms.

“SOL In price disovery,” he told Twitter followers.

“Imo if $56-60 comes that an absolute steal now that it has made new ath’s. That should be new support and the sky is the limit. Got some bids filled at the daily open Already up big today.”

Against Bitcoin (BTC), Solana came down more firmly after hitting highs of 0.00163, at the time of writing circling 0.00147.

SOL/BTC 1-hour candle chart (Binance). Source: TradingView

Alt season calls grow louder

Solana thus sealed a rare success in an altcoin market still dominated by Bitcoin price moves.

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As Cointelegraph reported, however, optimism remains over a broader altcoin comeback as Bitcoin cools following its own major spurt which has so far topped out at $48,000.

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The time for action may be now, as heavy resistance above the $48,000 level causes problems for those eager to see $50,000 BTC/USD return.

A rumored relative strength index (RSI) peak on SOL/USD meanwhile failed to deliver a correction which some had feared may puncture its bull run.