Solana has rallied by more than 11% over the past 24 hours, surpassing Cardano in terms of market cap and looks set to surge higher in the coming days.
Solana has become the fifth-largest cryptocurrency by market cap after setting a new all-time high earlier today. SOL rallied to a new all-time high of $230 a few hours ago, overtaking Solana to become the fifth-largest cryptocurrency by market cap.
At the time of writing, Solana is trading at $228 per coin, up by more than 12% over the past 24 hours. Solana’s market cap currently stands at $68 billion, just a few hundreds of millions ahead of Cardano.
Cardano (ADA) previously occupied third place behind Bitcoin (BTC) and (ETH). However, Binance Coin (BNB) experienced a surge in price to take over the third place while Tether (USDT) now occupies fourth place in the market.
Key levels to watch
The SOL/USD 4-hour chart is extremely bullish at the moment, thanks to the cryptocurrency’s recent rally. The MACD line is in the bullish zone, and the RSI of 70 shows that Solana is currently overbought.
At the moment, SOL is trading at $228 per coin, which is way above its 100-day simple moving average price ($192). This means that Solana has created solid support around the $200 level, and that could allow it to rally even higher in the coming hours and days.
What next for Solana?
After surpassing Cardano in terms of market cap and setting a new all-time high, Solana could look to break past the $250 level over the coming hours. For that to happen, Solana would need the support of the broader cryptocurrency market.
Solana could look to topple Tether (USDT) and take over fourth place in the market. USDT’s total market cap currently stands at $70 billion. If Solana continues with its recent bullish performance, then it could look to surpass Tether and become the fourth-largest cryptocurrency by market cap.