The intraday price changes included a spike to a peak of $63.68, data on CoinGecko shows
The price of Solana (SOL) has increased by more than 36% in the past 24 hours as bullish momentum propels the coin's value above $60.
Over the past week, SOL price gained 64%, which puts it on the same performance track as XRP, which has surged 63% in that time. The next best performer on the weekly chart behind SOL and XRP is Cardano, which has seen its price jump 53% after a major announcement regarding the launch of smart contracts.
Solana's price has reached a new all-time high of $63.68 and if the upside momentum continues, buyers could set a new record. Currently, SOL/USD is trading near $61.75,
SOL price outlook
Solana has traded in an uptrend since breaking its downtrend on 21 July with its value around $27. A slow ascent followed the recovery, with breathers for the bulls around $36 and $45.
As seen on the daily chart below, a bullish surge from the $45 supply zone has seen consecutive higher closes to take SOL/USD to a new all-time high.
SOL/USD daily chart. Source: TradingView
Bulls are targeting more in price discovery, with the outlook being helped by the upsloping curves of the 20 and 50-day moving averages.
If the price continues higher, deals near $70 are likely.
The RSI is, however, deeply embedded in the overbought territory, which could invite some bearish movement. As seen on the daily candle, profit-taking deals are limiting bulls, and a downside move might result in an initial dip to $56. The 20 SMA ($39) and 50 SMA ($34) provide the main support levels.