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

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

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The intraday price changes included a spike to a peak of $63.68, data on CoinGecko shows

The price of Solana (SOL) has increased by more than 36% in the past 24 hours as bullish momentum propels the coin's value above $60.

At time of writing, Solana is the biggest gainer among the top ten cryptocurrencies by market cap, outpacing other impressive performers like Dogecoin (DOGE), Polkadot (DOT), and Chainlink (LINK).

Over the past week, SOL price gained 64%, which puts it on the same performance track as XRP, which has surged 63% in that time. The next best performer on the weekly chart behind SOL and XRP is Cardano, which has seen its price jump 53% after a major announcement regarding the launch of smart contracts.

Solana's price has reached a new all-time high of $63.68 and if the upside momentum continues, buyers could set a new record. Currently, SOL/USD is trading near $61.75,

SOL price outlook

Solana has traded in an uptrend since breaking its downtrend on 21 July with its value around $27. A slow ascent followed the recovery, with breathers for the bulls around $36 and $45.

As seen on the daily chart below, a bullish surge from the $45 supply zone has seen consecutive higher closes to take SOL/USD to a new all-time high.

SOL/USD daily chart. Source: TradingView

Bulls are targeting more in price discovery, with the outlook being helped by the upsloping curves of the 20 and 50-day moving averages.

If the price continues higher, deals near $70 are likely.

The RSI is, however, deeply embedded in the overbought territory, which could invite some bearish movement. As seen on the daily candle, profit-taking deals are limiting bulls, and a downside move might result in an initial dip to $56. The 20 SMA ($39) and 50 SMA ($34) provide the main support levels.