The Solana price rose over the weekend as demand for alternative currencies increased. The SOL price rose more than 56% from its lowest point on March 26th. It hit an all-time high of $ 19.45, which is slightly below the psychological level of $ 20.
What happened: Solana, commonly known as the Ethereum killer, has done well over the past few months. The price is up more than 1,562% from its lowest level since December. As a result, the market capitalization has increased to over 4.85 billion US dollars, making it the 22nd largest digital currency in the world.
The rally was mainly driven by increasing demand for alternatives to Ethereum, whose network has become slow and expensive. In fact, Solana’s network can handle up to 50,000 transactions per second. Ethereum aims to hit 100,000 in the next 2 years after completing the ETH 2.0 upgrade.
That price action was also due to a $ 40 million increase for Solana by OKEx and MXC.
Solana price prediction
A look at the four-hour chart shows that Solana price hit an all-time high of $ 17.98 this February. Since then, the price has dropped to $ 11.34. It was within the channel at $ 11.9 and $ 16.58. During the weekend it moved across the channel and is currently at the previous high. It has also moved above the 25-day and 15-day moving averages.
It also moved over the standard pivot point. Hence, I believe the price will continue to rise as the bulls target the second resistance level at $ 23.50. However, a drop below $ 17 invalidates this trend.
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SOL price chart