CandleFocus Solana Price Hits 3 Years High With New ATH CLOSER Than Ever
2024-11-11
Author: Content Editor
Solana (SOL) has experienced a significant rally, reaching a new peak in over 3 years and pushing its market cap to over $103B. This surge solidifies Solana's growing influence in the crypto market, with increased activity in Solana-based meme coins. The next step for Solana would be to overtake Tether USDt (USDT) to become the 3rd largest cryptocurrency by market cap. However, caution is advised as active addresses on Solana's network have declined, indicating potential selling pressure. The Relative Strength Index (RSI) also suggests that SOL may be overvalued, leading to short-term downward pressure. The rise of Solana extends to its meme coin ecosystem, with coins like ACT and PNUT experiencing explosive growth. Nevertheless, investors should monitor key support levels and be aware of the risks in the memecoin market.
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