Will Solana hit the $20 level soon after adding 5% to its value today?

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Will Solana hit the $20 level soon after adding 5% to its value today?

By Hassan Maishera - min read

Solana is currently outperforming the other major cryptocurrencies and could surpass the $20 level soon.

SOL, the native coin of the Solana blockchain, is the best performer amongst the top 20 cryptocurrencies by market cap today. At press time, Solana is trading at $14.03, up by more than 5% in the last 24 hours.

There is no catalyst behind Solana’s ongoing positive performance. SOL had been underperforming in recent weeks after some crypto exchanges, including Crypto.com and Binance, suspended USDT and USDC deposits on the Solana network.

SOL’s positive performance comes as the broader crypto market continues its recovery. The crypto market’s valuation is up by less than 1% in the last 24 hours, with the total cryptocurrency market cap now above the $830 billion mark.

Bitcoin, the world’s leading cryptocurrency by market cap, is trading in the red zone. The price of Bitcoin stands at $16,517, down by less than 1% so far today. Ether, on the other hand, is up by nearly 2% today and is trading close to the $1,200 resistance level.

Key levels to watch 

The SOL/USD 4-hour chart has turned bullish as Solana has been performing well over the last 24 hours. SOL is currently outperforming the broader cryptocurrency market.

The 14-day relative strength index of 59 shows that Solana is no longer in the oversold region, thanks to its latest positive performance. The MACD line crossed into the bullish zone a few hours ago, indicating that the bulls are in control.

If the rally continues, SOL could surpass the first major resistance level at $19.19 before the end of the day. However, Solana would need the support of the broader crypto market to break past the $20 psychological level and reach the second major resistance level at $25.77 in the near term. 

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