Will Solana reach the $20 level shortly after adding 5% to its value today?

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Solana is currently outperforming the other major cryptocurrencies and could soon cross the $20 mark.

SOL, the original coin of the Solana blockchain, is currently the best performer among the top 20 cryptocurrencies by market capitalization. At the time of writing, Solana is trading at $14.03, up more than 5% in the past 24 hours.

There is no catalyst behind Solana’s continued positive performance. SOL underperformed in recent weeks after some crypto exchanges, including Crypto.com and Binance, suspended USDT and USDC deposits on the Solana network.

SOL’s positive performance comes as the broader crypto market continues to recover. The valuation of the crypto market is up less than 1% in the past 24 hours, with the total cryptocurrency market cap now exceeding $830 billion.

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Bitcoin, the world’s leading cryptocurrency by market capitalization, is trading in the red zone. The price of Bitcoin stands at $16,517, down less than 1% so far today. Ether, on the other hand, is up almost 2% today and it is trading near the USD 1,200 resistance level.

Main levels to watch

The SOL/USD 4-hour chart has turned bullish as Solana has performed well over the past 24 hours. SOL is currently outperforming the broader cryptocurrency market.

The 14-day relative strength index of 59 shows that Solana is no longer in oversold territory, thanks to its latest positive performance. The MACD line entered the bullish zone a few hours ago, indicating that the bulls are in control.

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If the rally continues, SOL could surpass the first major resistance level of $19.19 before the end of the day. However, Solana would need the support of the wider crypto market to break past the $20 psychological level and reach the second major resistance level of $25.77 in the near term.

Where can you buy Solana now?

eToro

eToro offers a wide variety of cryptos, such as Bitcoin, XRP and others, in addition to crypto/fiat and crypto/crypto pairs. eToro users can connect, learn from and copy or be copied by other users.

Buy SOL today with eToro

Binance

Binance is one of the largest cryptocurrency exchanges in the world. It is better suited for more experienced investors and it offers a large number of cryptocurrencies to choose from, which is over 600. Binance is also known for its low trading fees and a multitude of trading options that its users can take advantage of, such as; peer-to-peer trading, margin trading and spot trading.

Buy SOL with Binance today

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