- Solana (SOL) has flipped Binance Coin (BNB) in market cap, claiming the fourth spot in the rankings.
- Bitcoin’s all-time high of $75,011 has driven a bullish trend around the crypto market.
The global crypto market turned bullish in Asian trading hours as Bitcoin (BTC) hit a new all-time high of around $75,011.06, which the cryptocurrency recorded an hour ago. This new turn has sparked optimism and led to a positive note for the altcoins. Among them, Solana (SOL) has surpassed Binance Coin (BNB) in terms of market cap, claimed the fourth spot, and entered the top-tier crypto rankings. Solana’s market cap now stands at $87.9 billion, whereas BNB’s stands at $84.12 billion.
Solana’s impressive 17% rally comes from its 24-hour open interest, which surged 24.69%, reaching $3.64 billion. At the time of writing, SOL has surged to an intraday high of $186, inching closer to the $200 level last seen in April 2024, when the market was at its peak. If Solana breaks the $200 resistance, it could be on track to reach its all-time high of $260, a level it recorded back in November 2021.
The bullish outlook on Solana and the crypto market was activated by the U.S. election results. According to the report, Donald Trump won the presidency against Kamala Harris.
Solana’s Technical Outlook Signals Bullish Momentum
The bullish trend is more visible with a strong technical outlook. Zooming in on Solana’s four-hour chart reflects ongoing positive market sentiment, with the asset in a strong position as the daily RSI sits in the 72 range. In strong upward trends, assets can remain in overbought conditions for extended periods. Moreover, the asset’s daily chart indicates the short-term 50-day moving average is above the long-term 200-day moving average, forming a Golden Cross.
Further, the Moving Average Convergence Divergence (MACD) indicator for Solana is well above the signal line in the SOL/USDT four-hour trading pair, suggesting a continued bullish trend. Additionally, the Chaikin Money Flow (CMF) line at 0.21, indicates a positive money flow, with buyers currently having the upper hand. Whereas, the trading volume has spiked by 127.06%.
With a daily trading volume soaring Solana’s momentum shows no sign of slowing. If it closes above $200, the next targets could be $220 and $246, even pushing toward $260. However, as the RSI enters the buying zone, a short-term pullback or consolidation may occur—but not immediately.
