Solana enters price discovery after SOL token shows strength below historic high of $70

SOL, the internal token of Solana’s decentralized computing platform, continued to make big gains on Tuesday (17) to become one of the top 10 cryptocurrencies.

1h SOL/USD (FTX) chart. Source: TradingView

SOL becomes top 10 in market capitalization

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

Against weekly returns of nearly 70%, traders’ attention 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 10 of cryptocurrencies by market value, surpassing Uniswap (UNI).

“Solana has risen +60% since confirming a breakout after the downtrend, returning to new historic highs,” trader and analyst Rekt Capital summarized in day.

Fellow Pentoshi was even more optimistic, calling SOL “absolute theft”, even at current record levels in terms of US dollars.

“SOL in price discovery”, he said he to Twitter followers.

“in my opinion, if $56-60 comes, that [é] an absolute robbery now that he’s made new th’s. This must be a new support and the sky is the limit. I have a few orders filled in the daily opening, it’s already making a big profit today. ”

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

1h graph of SOL/BTC (Binance). Source: TradingView

‘altseason’ calls get louder

Solana therefore sealed a rare success in an altcoin market still dominated by Bitcoin price swings.

Related: Dogecoin on the moon? On-chain data and trading volumes suggest DOGE space travel is on its way

As reported by the Cointelegraph, however, optimism remains for a broader return on altcoins as Bitcoin cools after its big boost, which has so far reached $48,000.

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

A spike in the Relative Strength Index (RSI) on SOL/USD, however, failed to deliver a correction that some feared could cool its bull run.


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