Key takeaways
- SOL approaches $240 after gaining 7.5% in value.
- The cryptocurrency is now aiming for the psychological $250 level.
SOL outperforms major cryptos and nears $240
SOL, the native token of the Solana blockchain, has been the top performer among the 10 largest cryptocurrencies by market capitalization over the past 24 hours. The token rose 7.5% in that period and is currently trading at $238.80 per coin.
This strong showing comes as Bitcoin and other leading cryptocurrencies posted notable gains this week. Bitcoin briefly dipped below $114,000 on Thursday after CPI data, but has since recovered and reached the $116,000 level.
Ether, the second-largest cryptocurrency by market cap, has reclaimed the $4,500 mark, while XRP is once again trading above $3.
With SOL now approaching $240, the token could extend its gains in the coming hours. It has climbed roughly 15% since the start of the week, second only to Dogecoin in weekly performance among major coins.
SOL eyes the psychological $250 level
The SOL/USD 4-hour chart has turned bullish following Solana’s rally over the past few days. Technical indicators are signaling buying momentum, suggesting that bulls currently control the market.
An RSI reading near 74 indicates SOL is entering overbought territory if the trend continues, while MACD lines remain in positive territory.
If the rally persists, SOL could soon test the psychological $250 mark, with a minor resistance zone around $243. A sustained upward move would put its all-time high near $294 back into play in the coming days or weeks.
That said, the market may face a correction after several days of gains. In such a scenario, SOL could retest immediate support around $220. A failure to hold that level could push the token down toward the weekly low near $211.