Solana Price Analysis: SOL swiftly spikes to a new all-time high at $64.8

TL;DR Breakdown

• Solana price has seen rapid advance over the past 24 hours.
• The previous all-time high at $58 was broken.
• SOL/USD is likely to retrace later today.

Solana price analysis is bullish today as the previous all-time high at the $58 mark was breached today. Since then, SOL/USD has continued to gain ground and has since reached the $64.8 mark.

The crypto market trades with a solid bullish momentum over the last 24 hours. Bitcoin is up by 3.3 percent, while Ethereum by 3.67 percent. Solana (SOL) is among the best performers, with a gain of 30 percent.

Solana price movement in the last 24 hours: Solana rallies past the previous all-time high

SOL/USD traded in a range of $46.10 – $64.48, indicating extreme volatility over the last 24 hours. Trading volume has spiked by 495 percent and totals $2.885 billion, while the total market capitalization trades around $17.6 billion, ranking the coin in 11th place overall.

SOL/USD 4-hour chart: SOL sets a new all-time high at $64.8

On the 4-hour chart, we can see the Solana price continuing to advance after breaking past the previous all-time high.

Solana price action has seen a strong advance over the past weeks. After a new swing low was established around $22.5 on the 20th of July, SOL/USD rapidly advanced, with the support area between 100 and 200-hour moving averages tested several times. 

However, Yesterday, Solana started to rapidly advance away from the moving averages until the previous all-time high of $58 was breached. Currently, a new all-time high stands around $64.8, meaning a total gain of over 190 percent.

Some rejection for further upside can be seen over the past hours as the market likely pauses before further upside is tested. Overall, this price action development should lead the Solana price towards further upside over the next 24 hours as bulls are still in control.

Solana Price Analysis: Conclusion 

Solana price analysis is bullish for today as the previous all-time high was broken earlier today and the market spiked just below the $65 mark. Therefore, we expect SOL/USD to continue higher and look towards reaching further all-time highs later today.

While waiting for Litecoin to move further, read our articles on Bitcoin Futures, Physical Bitcoin, as well as Proof of Stake vs Proof of Work.

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