Solana price touched new all-time high of $214.62 today, set to flip BNB

Solana SOL Price Analysis
Solana SOL Price Analysis

Solana price touched a new all-time high of $214.62 today, set to flip BNB – Solana is one of the best-performing cryptocurrencies in the market. Despite the overall bearish market, SOL hit a new record of $214.62 today.

Behind SOL’s success is the growing reputation of the Solana blockchain ecosystem. Moreover, Solana’s insight and knowledge provider Solanians made a recent tweet on Twitter about SOL’s ecosystem overview.

This growing Solana ecosystem will influence the price of SOL to reach new heights. Like Ethereum, Solana blockchain can host decentralized finance applications which includes smart contracts, and non-fungible tokens (NFT).

Mercuryo Co-founder and COO Greg Waisman said,

Solana is now an attractive asset to both retail and institutional investors as the DeFi and NFT marketplaces built on the network cater to the needs of both classes of investors.

SOL Flips XRP in Terms of Crypto Ranking

Solana is more bullish nowadays than ever, and flips the market ranking position of Ripple (XRP) in mid of the bearish week.

Currently, Solana holds 6th position, as per data from CoinMarketCap. Even more, the SOL price is trading at $205.19 with a rise of around 29% in the last 24-hours. To be specific, SOL has a market capitalization of over $59,799,527,426 with a 24-hour trading volume of almost $15,920,732,771. This is a market position that could attract crypto investors around the world.

SOL/USDT Price Chart (Source: TradingView)

Looking at the chart above, Solana’s price is outbreaking all expectations. Solana shows a parabolic rise with increasingly larger weekly candlesticks since the beginning of August. Furthermore, indicators show that the SOL has reached the highest overbought position in its whole history. If this bullish trend continues SOL may even reach $400 if investors have decided that SOL is a good investment in 2021.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.

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