Investing.com – Sentiment has been good for cryptocurrencies in recent days, even as major cryptocurrencies such as and are hesitant to make new highs.
However, among the altcoins, there are a few names that stand out in a big way, including , which at the time of writing is showing a gain of over 17% in 24 hours and over 53% in a week, which has allowed it to go well beyond the major psychological threshold of $100.
Additionally, since the beginning of December, the value of , currently trading at $112.2, has nearly doubled. Note that this increase has allowed SOL to rise to the 4th position in the ranking of the largest cryptocurrencies in the market, behind stablecoin (USDT), after surpassing BNB last week and this week.
As for the reasons for Solana’s rise, we note that the crypto is benefiting as much as others from the expectations of a Fed rate cut and the near verification of the spot Bitcoin ETF in the United States.
But if Solana is progressing much more than most of its peers, it is also partly due to the phenomenal success of , another dog-themed Meme Coin based on the Solana blockchain, which has almost doubled in value in 5 months since its inception.
From a graphical point of view, we notice that the uptrend in Solana now seems stretched, which is confirmed by the very high level of the RSI, mostly in the overbought zone.
A correction could therefore be the preferred scenario for the end of the weekend. In this context, the key psychological level of $100 will be the first important support to consider.