Key takeaways
- SOL approaches $240 after adding 7.5% in value.
- The cryptocurrency is now targeting the psychological $250 level.
SOL outperforms major cryptos, 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 coin gained 7.5% in the last day and is currently trading around $238.80.
This upward move follows broader gains across the crypto market. Bitcoin and other leading cryptocurrencies posted solid advances this week. Bitcoin briefly dipped below $114,000 after the CPI release but has since rebounded toward $116,000.
Ether, the second-largest crypto by market cap, has reclaimed the $4,500 mark, while XRP is again trading above $3.
With SOL approaching $240, the token could extend its gains in the coming hours. It has climbed roughly 15% since the start of the week, trailing only Dogecoin among the top performers.
SOL eyes the psychological $250 level
The SOL/USD 4-hour chart turned bullish following Solana’s rally over recent days. Technical indicators also point to bullish momentum, suggesting buyers currently control the market.
A relative strength index (RSI) reading of about 74 indicates SOL is approaching overbought territory if the trend continues, while the MACD lines remain in positive territory.
If the rally persists, SOL could soon test the psychological $250 level, with a minor resistance area near $243. A sustained bullish run might put the all-time high of $294 back into focus over the coming days or weeks.
That said, the market may face a correction after several days of gains. In such a scenario, SOL could re-test short-term support near $220. If that support fails to hold, the token might retest the weekly low around $211.