- Solana overtakes BNB, reaching $107.3B market cap amid strong weekly rally
- Daily volume spikes 84.5%, boosting Solana’s liquidity and breakout potential
- RSI hits 81.04, signaling possible short-term pullback despite ongoing uptrend
Solana (SOL) has regained its place as the fifth-largest cryptocurrency by market cap, overtaking Binance Coin (BNB) after a week of strong bullish activity.
Now trading at $199.43, SOL has posted consistent gains, including a 5.26% rise on the day and a weekly jump of over 24%.
This performance pushed Solana’s market cap to approximately $107.3 billion, placing it ahead of BNB’s $105.58 billion. The 24-hour trading volume also surged to $13.99 billion, reflecting increased market engagement and investor confidence.
Bullish Momentum Supported by Key Technical Factors
Solana’s daily price action shows strong bullish momentum, supported by both volume growth and technical indicators. After bottoming out near $189.35, the price rebounded swiftly and climbed toward a high near $204. Despite a brief pullback to the $194 level, it quickly recovered and is now hovering just under the $200 mark.
The $189.35 level has now become a critical support zone for the price. Above that, the $194 area provides minor support that could help sustain the price during future pullbacks.
Related: Here’s Where Solana Is Starting to Look Stronger Than Ethereum
On the upside, the recent high of $204 remains the most significant immediate resistance. A clear breakout above this level could open a path to test the $210 psychological barrier, which would signal a continuation of the upward trend.
Moreover, the volume-to-market cap ratio currently stands at 13.08%, highlighting strong liquidity. The 84.5% surge in daily trading volume indicates a clear resurgence in buying interest and potential for a sustained breakout.
Indicators show strength, but also a risk of a pullback
From a technical perspective, the MACD is flashing a bullish signal. The MACD line stands above the signal line, confirming a strong crossover. Additionally, the histogram shows growing bullish momentum, suggesting that the uptrend may continue in the short term.
Related: Ethereum vs. Solana Debate Reignites as Core Developers Clash Over L1 Superiority
However, traders should note the overbought condition indicated by the Relative Strength Index (RSI), which is currently at 81.04. Historically, this level has triggered pullbacks, suggesting the possibility of short-term corrections despite the overall bullish structure.
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Source: https://coinedition.com/solana-sol-flips-bnb-becomes-5th-largest-crypto/