The Solana price is up 50% over the last three days to sell for $63.77 at 7 a.m. EST, a 2023 high, with the leap catapulting its market capitalization just as much.
SOL has now ranked sixth on market cap metrics, recording $26.9 billion as of press time. This is relative to the market capitalization of Ripple, with XRP ranking at position five with a market cap of $28.6 billion.
To put it into perspective, Solana has leaped from position 13 to join the crypto top six in days. The move has investors wondering whether the purported Ethereum killer will record another 2023 high today.
Meanwhile, investors are elated about the Solana price hard pump, with the cryptocurrency almost 590% higher from the December 2022 lows of $9.43.
— InvestAnswers (@invest_answers) November 15, 2023
With the surge, investors identify that Solana has exceeded 700 user transactions per second (TPS) this week. This is far higher than seen in the Ethereum (ETH) market, marking a 60-fold difference with only 12 TPS for ETH.
SOL Is Relentless, Trader Says After Cathie Wood Hails Solana Network
Cathie Wood of Ark Invest has hailed the Solana network as faster and more cost-effective than Ethereum. In an interview with CNBC, she described Solana as a major infrastructure player in the broader blockchain ecosystem. She added it had been doing a “really good job” in the recent market conditions.
Citing one trader, “Solana is relentless,” as the altcoin continues to show more upside potential despite already having pumped.
Solana is relentless pic.twitter.com/ifr7Ng8JnM
— msp (@peters8620) November 16, 2023
Notably, with the broader crypto market rallying, the gains made by Solana have significantly outpaced those made by other top players in the cryptocurrency arena. In November alone, SOL is up almost 80%, relative to Bitcoin (BTC) and Ethereum, which are up 10% and 15% on Binance exchange, respectively.
Solana Price Forecast As SOL Proves Relentless
Solana’s price shows no signs of stopping despite SOL being overbought. The position of the Relative Strength Index (RSI) at 93 is concerning, but the overall northbound trajectory of this momentum indicator quells fears.
As long as the RSI remains northbound, signifying rising momentum, Solana price will continue moving north. Nevertheless, this is not to say that traders should boldly open new long positions. For conservative traders, consider leaving long positions open, but be wary of taking new positions.
Meanwhile, the Awesome Oscillator (AO) supports the bullish outlook, with its green histogram bars and overall position in the positive territory showing the bulls are leading the SOL market.
Increased buying pressure could see Solana’s price extend the gains north, potentially tagging the $80.00 psychological level. Such a move would constitute a 20% extension from current levels.
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