Solana jumps by 7% to surpass the $11 resistance mark: Should you buy?

  • Solana is the best performer amongst the top 20 cryptocurrencies by market cap today.

  • SOL is trading above $10 again after rallying more than 7% in the last 24 hours.

  • The total cryptocurrency market cap remains above $800 billion.

SOL soars past the $10 resistance level

SOL, the native token of the Solana ecosystem, is the best performer amongst the top 20 cryptocurrencies by market cap today. The coin has added more than 7% to its value, allowing it to surpass a crucial resistance level. 

At press time, the price of Solana stands at $11.89, up by more than 7% in the last 24 hours. There is no catalyst behind SOL’s ongoing positive performance.

The broader crypto market is trading in the green zone, but several of the leading coins and tokens are recording losses. The total crypto market cap stands at $808 billion, up by less than 1% today.

Bitcoin, the world’s leading cryptocurrency by market cap, is trading in the red zone. It has lost less than 1% today, and the price of Bitcoin currently stands at $16.735. 

Key levels to watch

The SOL/USD 4-hour chart has turned bullish, as Solana has been performing well over the last few days. The technical indicators show that Solana has been outperforming the broader market since the start of the week.

The MACD line crossed into the positive zone earlier this week, indicating that the bulls are now in control of the Solana market. With the support of the broader market, the line could enter deeper into the positive region.

The 14-day RSI of 76 shows that SOL could be heading into the overbought region if the rally continues.

If the bulls remain in charge, SOL could surge past the first major resistance level at $13.09 before the end of the day. However, unless SOL gains support from the broader crypto market, it would find it hard to move past the second major resistance level at $14.90 in the near term.

Where to buy Solana now

 

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy SOL with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients’ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy SOL with OKX today

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