NEW DELHI (CoinChapter.com) — Solana (SOL) price has rallied nearly 25% since Nov. 14 to reach a daily high at around $64. The price popped after Cathie Wood, the CEO of Ark Invest, endorsed Solana for its so-called supremacy over the rival L1 blockchain, Ethereum.
Ark Invest’s Cathie Wood spoke in support of Solana during an interview with CNBC on Nov. 14. The blockchain platform enjoyed significant investor interest in November, with CoinShares reporting SOL investment vehicles seeing $12.4 million in inflows in the week ending Nov. 10.
In addition, the fears of FTX dumping its Solana tokens as part of its bankruptcy proceedings seem to have lost their grip on the market. Investors are slowly becoming more optimistic about the blockchain platform’s future, once dubbed the “Ethereum killer.”
X handle of Glassnode cofounders Jan Happel and Yann Allemann, Negentropic, commented that Solana stood strong “amidst the crypto market’s fluctuations.”
The post went on to suggest that the altcoin season, a market cycle where altcoins outperform Bitcoin, might be on the horizon.
In other news, crypto exchange OKX launched the ‘OKX Wallet’s Solana Bonus Event‘ on Nov 15.
The event would award users who stake their SOL tokens via the OKX DeFi will receive a bonus APR of 3%, “in addition to any native staking rewards.“
To participate, users would need to either connect their existing wallets or create a new one in the OKX wallet app. The program could act as a bullish cue for SOL price, attracting traders with increased APR. Staking removes tokens from the circulating supply, which in turn helps spike demand.
Furthermore, Solana would hope that the staking would likely reduce the impact of any potential dump coming from FTX bankruptcy proceedings.
Meanwhile, the SOL price’s recent uptrend helped the cryptocurrency rise to its highest level since May 2022. However, the resistance zone near $66 continues to rebuff Solana’s price’s uptrend attempts.
Hence, breaking and consolidating above the immediate resistance could help the SOL price target the resistance near $80 before correcting.
However, the RSI for SOL remained overbought, with a score of 80.9 on the daily charts. Traders often view overbought RSI levels as a signal that the bullish momentum is reaching its peak, and the asset might be due for a trend reversal or corrective price pullback.
A reversal could force Solana Bulls to defend the support near $51. A breakdown below the immediate support might see traders opening short positions with the target near $43.4, the next support level.
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