Solana Breaks Record High After High, Overtakes Dogecoin in Cap Ranking

Azeez Mustapha
3 September 2021 | Updated: 3 September 2021

Solana (SOL) is, without a doubt, one of the top performers in the crypto industry this year. After clearing record highs after record highs, SOL has overthrown Dogecoin to become the seventh-largest cryptocurrency.

Touted as one of the fastest-growing blockchain platforms currently, Solana has become a stronghold name and preferred platform for many top DeFi projects and NFTs. Capitalizing on the boom in the DeFi and NFT spaces, Solana has boosted its use cases, which has pushed the price of its native cryptocurrency (SOL) to significant heights.

In late July, SOL fell to a $20 low. While most cryptos have rebounded by 50% to 100%, the seventh-largest cryptocurrency has significantly outperformed almost all other coins. It took SOL just two weeks from its July crash to double its value against the USD. However, it kept on its bullish course and touched the $100 mark for the first time in late August, a whopping 400% gain in under a month. However, the cryptocurrency remained steadfast and continued its ascent to $140 in the past 24 hours, a 600% increase since July 20.

A more impressive performance of the token is its year-to-date standings. Starting 2021 at around $1.5, SOL has had a meteoric rise of over 9,000% YTD.

Key Solana Levels to Watch — September 3

Solana is in an intense bullish mode amid growing demand for the SOL. The seventh-largest cryptocurrency is currently in price-discovery condition as it courses uncharted territories, giving it a massive potential to record more significant highs. However, our MACD indicator shows that the cryptocurrency has overheated and needs to let off some steam in a correction.

SOLUSD – 4-Hour Chart

That said, we could see a bearish correction towards the $120 level or lower over the weekend.

Meanwhile, our resistance levels are $146, $160, and $170, and our key support levels are $130, $120, and $110.

Total Market Capitalization: $2.27 trillion

Solana Market Capitalization: $41.6 billion

Solana Dominance: 1.83%

Market Rank: #7

 

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Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.