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Friday, July 1, 2022

Solana Rally Continues, SOL Reaches New ATH

Friday saw Solana (SOL) start the day at an ATH. Investors continued betting optimistically on the coin’s successful performance in the NFT and DeFi sectors.

The Latest Record For Solana

The exchange rate between Solana and USD reached a high of $146.28. This was the highest in the coin’s history after a monthly rally of 35% took place. The immense upwards movement lifter the returns for the pair for 2021 to more than 7500%. As a result, the market capitalization value of SOL has now crossed the $41Bn mark. It now ranks 7th in the crypto list with regards to its value.

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The run-up of Solana to the recent ATHs has also brought up concerns and risks regarding overvaluation. The RSI, a classic indicator of momentum, returned a reading of overbought for the crypto. The RSI indicated that the pair of SOL and USD may see some sell-off action in the future sessions when it crosses 70. As a result, opening long positions on this pair may be risky.

However, analysts pointed out that calling Solana’s top is difficult right now. Crypto Dog, an independent analyst, suggested that speculators should just wait and go with Solana’s flow. And then assess the destination it reaches using the present strength.

Yuriy Mazur, of CEX.IO, expects SOL/USD exchange rates to cross $150 in future sessions. However, he too pointed out that this was a stage of discovering the price for the pair. As such, the emerging bias is dependent on how successful Solana will be in the NFT and DeFi space.

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Mazur said that investors are beginning to think of SOL as one of Ethereum’s potential rivals for the long term. The analyst stated that SOL is currently proving itself as a better and more resilient Ethereum alternative.

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