Solana has outperformed most of the other leading cryptocurrencies over the past 24 hours and could rally higher.
The cryptocurrency market is slowly recovering from the dip suffered last week. However, the total crypto market cap remains below the $3 trillion mark. Amongst the top ten cryptocurrencies by market cap, Solana is the highest performer in the past 24 hours.
SOL is up by more than 6% over the past 24 hours. The rally came after Grayscale, the leading digital asset manager in the world, announced the launch of its Grayscale Solana Trust. The fund is designed to give retail and institutional investors exposure to Solana.
Grayscale said it now has sixteen trusts that track the performance of individual cryptocurrencies and two other funds that grant investors exposure to numerous digital currencies. Solana’s Grayscale trust is the reason why SOL has been rallying over the past few hours despite the broader cryptocurrency market being bearish at the moment.
Key levels to watch
The SOL/USD 4-hour chart is the most bullish amongst the top ten cryptocurrencies by market cap. At press time, SOL is trading at $226 per coin, up by more than 6% over the past 24 hours. The MACD line has crossed the neutral zone and is currently in the bullish territory.
The RSI of 68 shows that Solana is close to entering the oversold region, a strong indication of bullish performance. Solana could rally higher if the coin maintains its current momentum over the next few hours.
SOL could hit the $236 resistance level over the next few hours if the cryptocurrency continues its current performance. An extended rally could see Solana hit the second major resistance level above $240 over the next few hours.
Unless it gains support from the broader market, Solana could find it hard to break past the $250 mark over the coming hours.