HomeHere is why Solana is up by nearly 10% today

Here is why Solana is up by nearly 10% today

Hassan Maishera

Solana is currently outperforming the broader market after adding nearly 10% to its value.

The broader cryptocurrency market has lost 0.50% of its value in the last 24 hours. However, the total market cap remains above $2.1 trillion, with Bitcoin and Ether recording slight losses.

Bitcoin has dropped below the $47k level after losing less than 2% of its value so far today. Ether has also lost less than 2% of its value and continues to trade above $3,300 per coin.

SOL, the native token of the Solana ecosystem, is up by 7% in the last 24 hours, making it the best performer amongst the top 10 cryptocurrencies by market cap.

SOL has outperformed BTC, ETH, ADA, BNB, XRP, LUNA and the other major cryptocurrencies.

The primary catalyst behind this ongoing rally is the integration of the Solana blockchain by Opera. The browser company said it had integrated Solana decentralised applications (dApps) into its ecosystem, making it easy for its users to access such apps. 

Key levels to watch

The SOL/USD 4-hour chart is currently bullish as the cryptocurrency outperformed the other major coins today. Furthermore, the technical indicators show that SOL could rally higher soon.

The MACD line is above the neutral zone, indicating a strong bullish momentum with Solana. The 14-day RSI of 65 shows that Solana could soon enter the overbought region if the positive momentum continues. 

At press time, SOL is trading at $120 per coin. If the rally continues, SOL could surpass the first major resistance level at $135 over the coming hours. In the event of an extended rally, SOL could trade above the $140 mark for the first time since January. 

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