Solana price spikes over 36% as bulls seek a new all-time high

The intraday terms changes included a spike to a highest of $63.68, information connected CoinGecko shows

The terms of Solana (SOL) has accrued by much than 36% successful the past 24 hours arsenic bullish momentum propels the coin's worth supra $60.

At clip of writing, Solana is the biggest gainer among the apical 10 cryptocurrencies by marketplace cap, outpacing different awesome performers similar Dogecoin (DOGE), Polkadot (DOT), and Chainlink (LINK).

Over the past week, SOL terms gained 64%, which puts it connected the aforesaid show way arsenic XRP, which has surged 63% successful that time. The adjacent champion performer connected the play illustration down SOL and XRP is Cardano, which has seen its terms leap 53% aft a large announcement regarding the motorboat of astute contracts.

Solana's terms has reached a caller all-time precocious of $63.68 and if the upside momentum continues, buyers could acceptable a caller record. Currently, SOL/USD is trading adjacent $61.75,

SOL terms outlook

Solana has traded successful an uptrend since breaking its downtrend connected 21 July with its worth astir $27. A dilatory ascent followed the recovery, with breathers for the bulls astir $36 and $45.

As seen connected the regular illustration below, a bullish surge from the $45 proviso portion has seen consecutive higher closes to instrumentality SOL/USD to a caller all-time high.

SOL/USD regular chart. Source: TradingView

Bulls are targeting much successful terms discovery, with the outlook being helped by the upsloping curves of the 20 and 50-day moving averages.

If the terms continues higher, deals adjacent $70 are likely.

The RSI is, however, profoundly embedded successful the overbought territory, which could invitation immoderate bearish movement. As seen connected the regular candle, profit-taking deals are limiting bulls, and a downside determination mightiness effect successful an archetypal dip to $56. The 20 SMA ($39) and 50 SMA ($34) supply the main enactment levels.