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Last updated: July 27, 2024, 09:56 EDT | 3 min read

Solana price has continued its upward momentum, recently climbing to around $185 and reaching an intraday high of $187.20. This rally has allowed Solana to overtake Binance Coin (BNB) as the fourth-largest cryptocurrency by market capitalization.

With a surge of over 35% in the past two weeks, Solanas impressive growth reflects increasing adoption and investor interest, sparking discussions about its potential to challenge Ethereum (ETH) next.

Solana (SOL) has recently surpassed Binance Coin (BNB) to become the fourth-largest cryptocurrency by market cap for the first time in over four years.

According to Santiment, Solanas price surged by more than 35% in the past two weeks, outpacing Binance Coins 10% increase during the same period. This significant growth has positioned Solana ahead of Binance Coin, reflecting its increasing adoption and investor interest.

At the Bitcoin conference, VanEck reported that many attendees showed keen interest in Solana, signaling growing curiosity and demand.

Despite some opposition from major asset managers like BlackRock regarding additional Solana ETFs, Solanas strong performance and rising market presence suggest it has the potential to continue its upward trend.

Therefore, Solanas recent surge and surpassing Binance Coin have boosted its market presence, signaling strong investor interest and adoption. This momentum suggests potential for continued price growth and market dominance.

The crypto market has been performing well, driven by Bitcoins (BTC) robust bullish momentum, which has also lifted other cryptocurrencies, including Solana (SOL). BTC recently traded around $68,010 and reached an intraday high of $68,260.

This positive movement was partly fueled by Michael Saylors optimistic prediction that BTC could reach $13 million by 2045.

This bullish sentiment in BTC has likely boosted investor confidence across the market, contributing to Solanas significant rise. Solana has recently surpassed Binance Coin to become the fourth-largest cryptocurrency by market cap.

The strong performance of Bitcoin has had a ripple effect, enhancing market confidence and driving Solanas impressive growth and market position.

Solana (SOL) is extending its solid uptrend, having formed a bullish engulfing candle above the $185 level. On the upside, the chances of a bullish trend continuation remain strong as both the Relative Strength Index (RSI) and the 50-day Exponential Moving Average (EMA) are in a buying zone.

The RSI currently stands at 70.82, indicating strong buying momentum, while the 50 EMA is positioned at $177.99, reinforcing the bullish trend.

Key Price Levels: The pivot point is at $185, serving as a critical level for potential market movements. Immediate resistance is observed at $190.48, with further resistance levels at $196.05 and $202.00.

Solana Price PredictionThese resistance points will be crucial for any bullish momentum. Conversely, immediate support is noted at $178.62, followed by $171.77 and $165.45, which are pivotal for any potential downward movements.

Technical Indicators: The technical indicators provide further insight into Solanas market conditions. The RSI is in a strong buying zone, suggesting potential for continued upward momentum. The 50 EMA is also in a favorable position, supporting the bullish outlook.

Conclusion: The technical outlook for Solana remains bullish above the $185 level. Traders are advised to consider buying above this level, as maintaining above the pivot point could lead to further upward movement towards the resistance levels of $190.48 and $196.05. A drop below the pivot point may indicate potential downward pressure.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

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Solana Overtakes Binance Coin: Will SOL Challenge Ethereum Next? Price Prediction - Cryptonews