Key takeaways
- SOL is approaching $240 after adding 7.5% to its value.
- The cryptocurrency is now targeting the $250 psychological level.
SOL outperforms other major cryptos, approaches $240
SOL, the native coin of the Solana blockchain, is the best performer among the top 10 cryptocurrencies by market cap in the last 24 hours. The coin has added 7.5% to its value in the last 24 hours and is now trading at $238.8 per coin.
The positive performance comes as Bitcoin and other leading cryptocurrencies recorded strong gains this week. Bitcoin briefly dropped below $114k on Thursday following the CPI news, but has now bounced back to hit the $116k level.
Ether, the second-largest cryptocurrency by market cap, has also reclaimed the $4,500 mark, while XRP is trading above $3 once again.
With XRP now approaching $240, the coin could extend its gains over the next few hours. It is up by 15% since the start of the week, only behind Dogecoin in terms of performance.
SOL eyes the $250 psychological level
The SOL/USD 4-hour chart has flipped bullish thanks to Solana’s rally over the last few days. The technical indicators are also bullish, suggesting that buyers are currently in control of the market.
The RSI of 74 shows that SOL is heading into the overbought territory if the trend continues, with the MACD lines also within the positive region.
If the rally continues, SOL could hit the $250 psychological level soon, with a minor resistance at $243. An extended bullish run would bring its all-time high price of $294 into play over the coming days or weeks.
However, the market could face a correction following days of positive performances. If that happens, SOL could retest the ILQ and support level at $220 in the near term. Failure to defend this level could see SOL to the weekly low of $211.
