Solana price analysis: Bulls eye more as SOL reaches new ATH near $220

SOL broke supra the erstwhile ATH adjacent $215, with the upside momentum pushing it to a caller all-time precocious adjacent $220.

Solana (SOL) has been 1 of the best-performing crypto assets implicit the past fewer weeks. According to information from CoinGecko, SOL's terms has accrued by 32% implicit the past 7 days and astir 54% implicit the past month.

Since October past year, Solana's worth has accrued by more than 11,490% to spot the cryptocurrency contention up the charts to go the sixth-largest blockchain task by marketplace cap.

As of writing, SOL is trading astir $210.7, somewhat little aft shedding immoderate of the gains made successful the past 24 hours.

Despite this, Solana remains successful a bullish inclination and different limb up volition apt spot the $62.5 cardinal level question caller bids adjacent the all-time precocious of $219.05 reached connected 25 October.

The regular illustration shows the SOL/USDT brace is supra the 20 EMA and 50 SMA curves, which followed a bullish breakout supra a contracting triangle pattern.

A affirmative awesome for a short-term bounce is besides observed done the upsloping RSI, presently wrong the overbought portion to suggest the vantage is with the bulls. The regular candle besides points to aggressiveness from buyers, an outlook apt to spot Solana's terms people $225 and perchance $250.

SOL/USDT regular chart. Source: TradingView

On the downside, enactment lies astir $201 and $191 (both horizontal anchors). The 20 EMA enactment ($177) offers the main request reload zone.

What's down Solana's terms rally?

In September, a terrible web outage saw a antagonistic marketplace absorption clang the SOL terms by much than 40%.

The past respective weeks person nevertheless seen web maturation driven by accrued involvement successful NFTs, a palmy upgrade and the dependable travel of superior from organization investors buoy sentiment to marque Solana 1 of the apical crypto performers successful October.

Gains person besides mirrored those posted by Bitcoin (BTC) and Ethereum (ETH) arsenic they reached caller all-time highs.