The cryptocurrency Solana (SOL) has leapfrogged over both Dogecoin (DOGE) and Cardano (ADA) in market cap rankings, following a significant price surge.
During the blockchain’s TVL spike, SOL’s price saw an increase of over 25.4% in the last week alone. The upward trend comes as the wider cryptocurrency market has turned bullish, with Solana outperforming several other cryptos by reaching a new high.
The increase in Solana’s price coincided with a spike in the blockchain’s Total Value Locked (TVL), further boosting investor confidence. However, some indicators suggest the price uptrend might not sustain for a prolonged period.
Solana’s recent performance has also boosted positive sentiment around the token. Data from LunarCrush revealed that SOL’s social engagement surged by nearly 30% over the last seven days.
Despite the bullish indicators, Solana’s Relative Strength Index (RSI) has entered the overbought zone, potentially increasing selling pressure on SOL. Its Money Flow Index (MFI) has also registered a downtick.
At the time of writing, Solana was trading at $24.36 with a market capitalization of over $10 billion, making it the seventh-largest crypto by market cap.
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