SOL Outperforms Top Coins With 15% Gains In Last Week

The crypto market outlook is constructive as we speak, July 11, as its cap exhibits a acquire of 0.69% on the time of writing. However whereas the highest belongings wrestle, Solana (SOL) exhibits spectacular positive aspects within the 24-hour and 7-day tendencies. On the time of writing, SOL has gained 6.07% in 24 hours and 14.52% in a single week. The query now could be, since SOL is gaining when different belongings are shedding, what’s subsequent for the crypto asset?

SOL Good points Whereas Prime Cash Loses, Any Motive?

Solana is an open-source mission using the permissionless function of the blockchain to supply decentralized finance options. Since its launch in 2020, the crypto community has continued pushing its relevance. As of as we speak, July 11, 2023, the crypto mission occupies the ninth place on the Coinmarketcap rating.  

Associated Studying: Microstrategy Inventory Surges 7% As Berenberg Highlights Bitcoin Halving’s Affect

Other than its rank, SOL is gaining as we speak in value, buying and selling quantity, and market cap. The elevated actions on its community have pushed the buying and selling quantity to $524,345,790, representing a 19.13% improve in 24 hours. Additionally, its market capitalization now stands at $8,867,175,756, exhibiting a 6.11% improve in 24 hours. 

Normally, when the worldwide market cap positive aspects, it exhibits that many crypto belongings are recording positive aspects. However on condition that prime belongings aren’t gaining presently, network-related information or developments could be pushing SOL’s positive aspects. 

One of many latest occasions associated to Solana is the prediction {that a} former CEO of Goldman Sachs, Raoul Pal, launched on it. Pal, now the Actual Imaginative and prescient CEO, acknowledged that Solana might transfer the best way Ethereum did after shedding massively in 2018. 

Pal identified that ETH gained 47x instances after it recorded a really low worth in 2018. As such, he expects SOL to surge 20x its value now. 

Pal mentioned, “There’s a potential, a dream situation, for SOL to do the identical factor Ethereum did from its low in 2018 when it elevated 47-fold. Solana’s lowest value was $9, so the numbers might get very fascinating with basic math. For my part, Solana might improve its worth 20 instances with present costs.”

What’s Subsequent For SOL Traders?

Based mostly on SOL’s each day chart above, the worth pattern is constructive because the coin trades above the 50-day and 200-day Easy Shifting Averages. This place exhibits that SOL is sporting a bullish pattern within the brief and long run. 

Additionally, the Relative Power Index (RSI) presently stands at 68.78, near the overbought area of 70. Because the line factors upward, SOL will report extra positive aspects, however when it reaches the overbought zone, a pattern reversal to the draw back will seemingly happen. 

Lastly, the MACD line is above the sign depicting a bullish pattern. However once more, the pale histogram bars counsel a potential pattern reversal very quickly. So whereas SOL is presently bullish, merchants ought to be aware the bars and the RSI pointing at a potential pattern reversal.

Featured picture from Pixabay and chart from TradingView.com