Solana coin’s price is currently witnessing a strong uptrend and has made the breakout above $60. As of writing, the coin has also broken the $70 threshold and is trading at $70.9.
The coin is returning more than 13,000% on investment which is profiting an impressive amount of investors. While the coin had fallen after a price rally to around $24, Solana has retracted from it and is on a buying spree right now.
Solana currently dominates 0.59% of the market and has a market cap of more than $22 billion. Its volume to market capitalization is near 0.031 which suggests a weak bull trend. Usually, if the ratio goes over 8.0, we can see a strong upside momentum.
Although it was assumed that Solana would face hostility going past the $50 mark, it looks like that did not happen though. In fact, after the $50 mark, the price surged tremendously, from $47 to $52 on Sunday, from $52 to $62 yesterday, and $62 to $71.19 as of writing. The highest trading volume till now was yesterday at 161.75 million. However, that could break soon as we have seen trading volume upwards of 40 million in a matter of hours.
In conclusion, Solana is currently on a new price rally on which we can see a new record high. While the SOL/BTC pair will likely see a breakout from resistance due to this, it is better to look at the price action before investing in Solana. Since the price has already moved above 15%, it is witnessing a strong upside momentum. But still, it’s better to let the coin reach threshold and settle before investing.