Ethereum Layer-1 competitor Solana continues to make strong moves registering yet another 10% price surge and moving past the crucial resistance of $25. At press time, Solana is trading at $25.96 eyeing another 20% rally to $30.
Solana Price Rally to Continue
As per the technical indicators, the Solana price rally is likely to continue going ahead.
Based on the assessment of the Relative Strength Index (RSI), Solana’s price appears to have further upward potential. The RSI positioned above 50 signifies a strong bullish sentiment and its inclination towards higher values indicates increasing momentum. With an RSI of 63, there is room for further gains before reaching the 70 level, which typically signals an “overbought” condition.
This analysis is corroborated by the positive territory of the Awesome Oscillator (AO) indicator, confirming the dominance of bulls and lending support to the bullish outlook.
If buying pressure continues to mount above current levels, there is a potential for Solana’s price to rise by 20%, surpassing the previous highs at $24.86, and possibly extending the uptrend to reach the psychological level of $30.00. In an extremely bullish scenario, SOL could revisit the high from July 12, around the $32.00 range, representing a remarkable 30% increase from its current levels.
SOL Joins Altcoin Rally
The altcoin space is quite buzzing with activity with Solana investors making a major contribution to it. Also, the recent rally comes as the US SEC decided to drop all charges against Ripple executives on Thursday.
“Today, we find legal vindication and personal redemption in our fight against an ill-conceived effort to manipulate regulations for the purpose of stifling the cryptocurrency industry in the United States. It’s regrettable that we had to protect ourselves from this misguided assault, which was flawed from the very outset,” stated Chris Larsen, the Executive Chairman of Ripple.
The Ripple vs SEC case provides greater hope to the rest of the crypto projects in the market. Ripple said that it would continue to push the SEC toward providing more regulatory clarity on crypto rules.
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