Key points
- SOL is approaching $240 after gaining 7.5%.
- The cryptocurrency is now targeting the psychological $250 level.
SOL outperforms other major cryptos as it nears $240
SOL, the native token of the Solana blockchain, has been the top performer among the top 10 cryptocurrencies by market capitalization over the past 24 hours. The token gained 7.5% during that period and is currently trading around $238.80 per coin.
This positive performance comes amid a broader rebound in Bitcoin and other leading cryptocurrencies this week. Bitcoin briefly dipped below $114,000 on Thursday following CPI news but has since bounced back to about $116,000.
Ether, the second-largest cryptocurrency by market cap, reclaimed the $4,500 mark, while XRP is trading above $3 again.
With SOL approaching $240, the token could extend its gains in the coming hours. It has risen roughly 15% since the start of the week, ranking just behind Dogecoin in weekly performance among major coins.
SOL eyes the $250 psychological level
The 4-hour SOL/USD chart has flipped bullish following Solana’s sharp advance over the past few days. Technical indicators also point higher, suggesting buyers currently control the market.
An RSI reading near 74 indicates SOL is approaching overbought territory if the trend continues, while the MACD remains in positive territory.
If the rally persists, SOL could reach the psychological $250 level soon, with minor resistance around $243. A sustained bullish run would put the all-time high near $294 back in play over the coming days or weeks.
However, after several days of strong gains the market may face a pullback. In that case, SOL could retest support near $220 in the short term. Failure to hold that level might expose the token to this week’s low around $211.