SOL price has reached its highest level ever at $145.22, data from CoinGecko shows
Solana's price has seen a parabolic move to a new all-time high of $145.22, surging over 25% in the past 24 hours as optimism around non-fungible tokens (NFTs) sees many investors eyeing the project.
SOL, the native token on the platform, has seen its value blast off to new highs with one of the best performances in the crypto market over the past few weeks. The token's gains over the past week and 30 days add up to 90% and 320% respectively, helping Solana to climb higher in the market cap rankings to currently sit in the 7th spot.
Solana's market cap of nearly $42 billion at time of writing puts it ahead of Dogecoin (DOGE) with $38.4 billion and behind XRP, which ranks 6th with about $59 billion in market cap.
Solana price outlook
Pseudonymous cryptocurrency trader The Crypto Dog says Solana's strong performance makes it "hard to call tops", with prices likely to go higher.
At the moment, SOL/USD is changing hands around $142, with the slight decline largely driven by traders eager to lock in some profits.
But looking at the technical picture, SOL is likely to move higher as it trends further into price discovery territory. The overbought outlook of the daily RSI and the bullish perspective of the MACD add to the increasing positivity among bulls.
SOL/USD daily chart. Source: TradingView
If buyers maintain the upside advantage seen since the breakout from lows of $22 on 20 July, another swing higher could put SOL/USD on the moon. Immediate targets north of current prices are around the $160 and $180 levels.
The positive outlook will start to fade if the price fails to hold above $140, with $130 and $110 key support zones. The upsloping curve of the 20-day exponential moving average (EMA) suggests the uptrend is intact. If, however, price retraces heavily from the anchors mentioned above, SOL/USD might rely on the 20 EMA at $90 for support.