A comparison of the performance of Solana over the last week reveals that it has surpassed $102, putting Bitcoin in the rearview mirror.
The blockchain phone that Solana is developing has received 85,000 pre-orders as of Thursday.
While the price of SOL has increased by about 4% over the previous week, it is probable that the cryptocurrency will continue to rise.
During the current week, Solana is one of the alternative cryptocurrencies that is outperforming the asset with the highest market capitalization. On February 2, the price of SOL reached its highest point for the month of February, which was $102.57. At $107.12, the alternative cryptocurrency is anticipated to continue its ascent into the barrier level.
Per-orders for the second version of the blockchain phone have been received by Solana, which has outperformed Bitcoin.
On a weekly basis, Solana was able to beat Bitcoin, as shown by the metrics provided by the cryptocurrency intelligence tracker Santiment. At the beginning of the week, Solana had an outage, which caused SOL holders to express their worries. Tuesday was the day when the price of SOL reached a local low of $92.88, although it has already recovered from that point.
In the course of its pre-orders for the second edition of its blockchain phone, Solana Mobile, the company disclosed crucial information about a significant milestone. A record number of 85,000 pre-orders for Solana's phone had been received as of Thursday, setting a new benchmark.
The value of Solana is anticipated to increase.
On Thursday, the price of Solana recovered from its local low of $92.88 to $100.82, which indicates that the price of Solana is expected to see a rise of 6%. The alternative cryptocurrency managed to maintain its position above the crucial psychological milestone of $100. The Moving Average Convergence Divergence (MACD) indicator flashes green bars, which shows that there is bullish momentum and that the price of SOL may possibly rise.
A result of 56.93 on the Relative Strength Index (RSI) indicates that the reading is higher than the neutral level of 50. There is a possibility that the price of SOL may encounter resistance at R1, which is $107.12 and has been a level of resistance for SOL since December 2023. The cryptocurrency might have a rally towards its 2024 top price of $117.03 if the price of SOL were to break beyond R1.
Should the daily candlestick drop below the daily support/resistance level of $90.79, it is possible that the bullish thesis for SOL may be rendered incorrect. The price of Solana may then plummet to $85.42, which is the lowest it has been since January 8.
