Key Points
- SOL climbs toward $240 after gaining 7.5% in value.
- The cryptocurrency is now eyeing the psychological $250 level.
SOL Outperforms Major Cryptocurrencies, Nears $240
SOL, the native token of the Solana blockchain, is the top performer among the ten largest cryptocurrencies by market capitalization over the past 24 hours. The token has added 7.5% in the last day and is currently trading around $238.80.
This strong showing comes as Bitcoin and other leading cryptocurrencies also posted notable gains this week. Bitcoin briefly dipped below $114,000 on Thursday following CPI-related news, but has since rebounded toward the $116,000 area.
Ether, the second-largest cryptocurrency by market cap, has reclaimed the $4,500 threshold, while XRP is once again trading above $3.
With SOL approaching $240, the token may extend its gains in the coming hours. It has risen about 15% since the start of the week, trailing only Dogecoin among major movers in terms of weekly performance.
SOL Targets the Psychological $250 Level
The 4-hour SOL/USD chart has turned bullish following Solana’s recent rally. Technical indicators are showing bullish signals as well, suggesting buyers currently control the market.
An RSI reading near 74 indicates SOL is heading toward overbought territory if the uptrend persists, while MACD lines remain in positive territory.
If the rally continues, SOL could soon challenge the psychological $250 mark, with near-term resistance around $243. A sustained bullish run could push the token toward its all-time high of $294 in the coming days or weeks.
That said, the market may see a correction after several days of gains. Should selling pressure emerge, SOL could retest short-term support around $220. Failure to hold that level might open the path to the weekly low near $211.