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Solana, currently the sixth largest cryptocurrency by market capitalization, is outpacing the rest of the top 10 in daily and weekly gains.
Around press time, Solana was up 3.53% in the last 24 hours to $214 and up 16.37% weekly, representing the biggest seven-day increase among the top 10 cryptocurrencies.
Solana's gain also represents the largest in the last 24 hours among major cryptocurrencies, with the rest of the top 10 posting slight losses or minute gains.
SOL made a comeback after declining to a low of $155 at the start of August, following a price sell-off at the close of July. Solana's price recovery coincided with a bullish golden cross that appeared on its daily chart in early August.
Bulls relaunch
Momentum stalled in mid-August, when bulls encountered resistance at $210, causing Solana's price to drop $173 on Aug. 20 from whence it started rising again.
Following a sharp drop on Aug. 25 from a high of $213, Solana rallied significantly and would mark three days of gains. Solana saw a sharp surge in early Thursday session, reaching an intraday high of $216.
The current bullish reversal puts the $300 target back on the table for Solana as the attempt to achieve this key price level fell short in January, only reaching $295.
However, the road to $300 may not be smooth as it seems: Solana faces its next resistance levels at $244 and $273.
In positive Solana news, Galaxy Digital, Multicoin Capital and Jump Crypto are in discussion with potential investors to raise about $1 billion to buy Solana, Bloomberg recently reported, citing unnamed sources.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team