In the last 24 hours, the Solana token has seen the most significant price increment among the top 50 cryptocurrencies. The price and market capitalization increase has aided SOL in recovering the 9th position on the crypto market ranks.
Solana lost that position to Litecoin a few days ago when Litecoin went on a bullish rampage. LTC caught the eyes of investors after soaring by about 25% in one week. The crypto asset, which is a fork of Bitcoin, had an increase in transaction volume just a few weeks before its halving. The most significant daily increase for LTC came on the 30th of June. LTC appreciated from around the $85 mark to above $100.
The massive price appreciation also took LTC from the 12th rank to number eight. In the last few days, though, Litecoin’s price has retraced slightly. LTC is now valued at $97.87 with a market capitalization of $7.17 billion.
On the other hand, Solana has seen a 4.6% increase in the last 24 hours and a 12% increase in the past week. At the time of writing, SOL’s value is worth $21.32 per token, with SOL ranked 9th and LTC 10th.
Solana Price Analysis – Where to From Here?
SOL now trades around the $21 region and faces major resistance around the $25 mark. Also, the cryptocurrency currently trades in a channel, with its price approaching the roof of the channel. An impulsive move to the upside would be needed to break the $22 level. A retest of the channel may follow an impulsive move to the upside, and this would be a bullish sign for traders who want to open long positions.
On the flip side, SOL’s RSI is gradually approaching the overbought region, which could be bad for the bulls. Although, since price sometimes synchronizes slowly with RSI values, bullish traders still have a chance to make a profit. With the current price, watching candlestick formation would leave the best clues as regards a bullish or bearish move.
Far From All-Time Highs, But Not the End Yet
SOL is currently 91% below its all-time high of $260. Despite this vast difference, the Solana ecosystem is far from dead. Although trading and NFT activity on the Solana chain have declined significantly, the ecosystem still has multiple active users and builders.
With the current values, though, it is hard to see SOL make a price comeback in the short term. It would take a massive bull run to revive SOL to its highs of 2021. On the other hand, LTC is 76% below its all-time high. Notably, while LTC just needs a 4X appreciation from its current price to trade around its all-time high again, SOL needs about 22X.