Bitcoin hit an all-time high of $123k last week and has stabilized around $118k over the last few days.
Altcoins have now taken over, with most of them recording double-digit percentages over the past few days.
Ether hit the $3,800 mark over the weekend and is now targeting its all-time high price of $4,891.
XRP also hit the $3.66 mark on Friday, its highest level in eight years. Solana’s SOL could be the next coin to break out after adding 13% to its value over the last seven days.
Solana’s Open Interest to push price higher
Solana’s SOL is the second-best performer among the top 10 cryptocurrencies by market cap, up 6% in the last 24 hours. The coin now trades at $191 and looks set to break out in the coming hours or days.
SOL’s positive performance comes after Solana’s Open Interest (OI) hit a new all-time high earlier today.
Data obtained from Coinglass revealed that the futures’ OI in SOL at exchanges rises to a new all-time high of $10.74 billion on Monday, up 13% over the weekend.
An increasing OI represents new or additional money entering the market and new buying, which could push SOL’s price higher.
In addition to that, data from crypto intelligence tracker DefiLlama shows that the Total Value Locked (TVL) on the Solana blockchain hit $10.26 billion, up 5.78% over the last 24 hours.
Solana’s TVL has been constantly rising since the end of June amid growing retail demand. The growing TVL indicates growing activity and interest within the Solana ecosystem
SOL bulls-eye levels above $200
The SOL/USD 4-hour chart is bullish and efficient, suggesting that SOL could be preparing for another leg up.
The major technical indicators are bullish, showing that there is a strong buying bias in the market.
The MACD lines are within the positive zone, while the RSI of 81 shows that SOL is currently heading into the overbought region.
The pair also shows rising green histogram bars above its neutral zero line, highlighting Solana’s bullish momentum.
If SOL closes above this level, it could extend the surge towards the February 14 high of $205.34.
An extended bullish run would allow SOL to hit the $220 resistance level over the next few hours.
The January high of $294 remains a medium-term target for Solana.
However, if the market faces a correction, SOL could test the weekend low of $176. An extended bearish run would see the bulls forced to defend the TLQ and major resistance level at $169.
SOL is extremely bullish at the moment and could experience further rally once it breaks out above $200.
If SOL sustains its rally, it could overtake BNB to become the fifth-largest cryptocurrency by market cap.
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