The Solana price has broken out and surged to an all-time high. SOL is trading at $37.5, which is the highest it has been on record. Its market cap has surged to more than $9.66 billion, which is remarkable for a currency that was largely unknown earlier this year. It has risen by more than 3,000% this year.
Solana news: Solana is an outlier today. The currency has surged by more than 12% in the past 24 hours, becoming the best-performing coin today. In contrast, Dogecoin, Bitcoin, and Ripple have declined sharply.
This performance is mostly because of how the network is built. Unlike Ethereum, it has always embraced the proof-of-stake and proof-of-history consensus. This makes it relatively faster and substantially cheaper than Ethereum’s network.
This has in turn made it a faster and better platform for developers to use. Indeed, the number of DAPPs, stablecoins, and DeFi platforms moving to the network has continued to surge. As such, as I wrote in January, many analysts and investors believe that Solana will become a viable alternative to Ethereum.
Solana price technical forecast
The daily chart shows that the Solana price has been in a strong bullish momentum lately. The price has moved above the 25-day moving average while the Relative Strength Index (RSI) has moved above the overbought level. The price is also along the upper line of the Bollinger Bands.
As such, I suspect that the SOL price will continue surging as bulls target the next key resistance at $40, which is about 6% above the current price. If it moves above $40, bulls will start targeting $50. However, a drop below the support at $30 will invalidate this trend.