Solana (SOL) Up 13% as May Looks to Benefit From Bullish Rally
Over the last 24 hours, Solana (SOL) has been up as much as 13%, with technical indicators pointing to a bullish rally that could immensely benefit the asset this month. Indeed, the strength of the asset technical analyst points to continued gains over the coming days.
The last month has proven beneficial for Solana, as it has increased by more than 21%, according to CoinMarketCap. Settling at $159, the cryptocurrency is poised to surge above the $200 mark, with room for a continued ascension from there.
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Solana Could Ride Bullish Rally to Yearly Highs in May
Heading into the year, there was abundant optimism regarding Solana. The network had long expressed increased potential to compete with Ethereum as a top decentralized network. Just four months into the year, that has proven true.
The asset has already surpassed Ethereum in critical areas, increasing its positive performance in 2024. Now, that has spread into its native token, as Solana (SOL) has increased as much as 13%, with May looking to benefit from an approaching bullish rally.
The asst had reached heights of $162 before settling at the $159 level. Moreover, a massive increase in investor activity was the driving factor. Over the last day, trading volume as increased as much as 83% to reach a high of $4 billion. Therefore, investor confidence was fortified by the asset.
Also Read: Solana (SOL) Positioned to Hit $100B Market Cap in 2024
Alternately, the market cap of SOL surged, reaching $73.15 billion. That figure denoted a 13% increase over a day prior and showcased the positive position that the asset is holding. Now, all eyes are on where this momentum could take the cryptocurrency.
The Relative Strength Index (RSI) is currently displaying bullish momentum, flashing 59.30. Additionally, it is trading above the 200-day Exponential Moving Average (EMA), showcasing long-term bullish potential.
If the asset continues to perform this way, it could be set to surge to the $200 level. From there, al bets are off. Many traders have begun to ponder the potential of the token to reach new all-time high marks at some point this year.