Solana News Today: Solana Surges 24% Weekly, Reclaims Fifth-Largest Crypto Spot

Solana (SOL) has reclaimed its position as the fifth-largest cryptocurrency by market capitalization, surpassing Binance Coin (BNB) following a week of robust bullish activity. The cryptocurrency is currently trading at $199.43, marking a 5.26% increase for the day and a weekly surge of over 24%. This performance has elevated Solana’s market cap to approximately $107.3 billion, outpacing BNB’s $105.58 billion. The 24-hour trading volume has also spiked to $13.99 billion, indicating heightened market engagement and investor confidence.

Solana’s recent price action demonstrates strong bullish momentum, bolstered by both volume growth and technical indicators. After reaching a low near $189.35, the price swiftly rebounded and climbed toward a high near $204. Despite a brief pullback to the $194 level, it quickly recovered and is now hovering just under the $200 mark. The $189.35 level has become a critical support zone, with the $194 area providing minor support during potential future pullbacks. On the upside, the recent high of $204 serves as the most significant immediate resistance. A clear breakout above this level could pave the way for testing the $210 psychological barrier, signaling a continuation of the upward trend.

The volume-to-market cap ratio currently stands at 13.08%, underscoring strong liquidity. The 84.5% surge in daily trading volume indicates a resurgence in buying interest and potential for a sustained breakout. From a technical perspective, the MACD is flashing a bullish signal, with the MACD line standing above the signal line, confirming a strong crossover. The histogram shows growing bullish momentum, suggesting that the uptrend may continue in the short term. However, traders should be cautious of the overbought condition indicated by the Relative Strength Index (RSI), which is currently at 81.04. Historically, this level has triggered pullbacks, suggesting the possibility of short-term corrections despite the overall bullish structure.