SOL broke above the previous ATH near $215, with the upside momentum pushing it to a new all-time high near $220.
Solana (SOL) has been one of the best-performing crypto assets over the past few weeks. According to data from CoinGecko, SOL's price has increased by 32% over the past seven days and nearly 54% over the past month.
Since October last year, Solana's value has increased by more than 11,490% to see the cryptocurrency race up the charts to become the sixth-largest blockchain project by market cap.
As of writing, SOL is trading around $210.7, slightly lower after shedding some of the gains made in the past 24 hours.
Despite this, Solana remains in a bullish trend and another leg up will likely see the $62.5 billion platform seek fresh bids near the all-time high of $219.05 reached on 25 October.
The daily chart shows the SOL/USDT pair is above the 20 EMA and 50 SMA curves, which followed a bullish breakout above a contracting triangle pattern.
A positive signal for a short-term bounce is also observed through the upsloping RSI, currently within the overbought region to suggest the advantage is with the bulls. The daily candle also points to aggressiveness from buyers, an outlook likely to see Solana's price target $225 and potentially $250.
SOL/USDT daily chart. Source: TradingView
On the downside, support lies around $201 and $191 (both horizontal anchors). The 20 EMA line ($177) offers the main demand reload zone.
What's behind Solana's price rally?
In September, a severe network outage saw a negative market reaction crash the SOL price by more than 40%.
The last several weeks have however seen network growth driven by increased interest in NFTs, a successful upgrade and the steady flow of capital from institutional investors buoy sentiment to make Solana one of the top crypto performers in October.
Gains have also mirrored those posted by Bitcoin (BTC) and Ethereum (ETH) as they reached new all-time highs.