Investing.com – The mood has been good for cryptocurrencies in recent days, although the main cryptocurrencies such as and are hesitant to mark new highs.
However, among altcoins, there are a few names that largely stand out, including , which is posting a gain of over 17% over 24 hours and over 53% over a week at the time of writing, this which allowed it to largely exceed the major psychological threshold of $100.
Furthermore, since the beginning of December, the , which is currently trading at $112.2, has almost doubled in value. Note that this increase allowed SOL to rise to 4th position in the ranking of the largest cryptocurrencies on the market, behind the stablecoin (USDT), after having surpassed last week and BNB this week.
Regarding the reasons for the rise in Solana, we note that the crypto benefits like the others from anticipations regarding the Fed’s rate cut, and the near validation of a spot Bitcoin ETF in the United States.
But if Solana is progressing much more than most of its peers, it is also partly due to the phenomenal success of , yet another dog-themed Meme Coin, based on the Solana blockchain, and whose value has almost been multiplied by 5 since the beginning of the month.
From a graphical point of view, we note that the upward trend in Solana now seems stretched, which is confirmed by the very high level of the RSI, largely in the overbought zone.
Therefore, a correction could be the preferred scenario for the end of the weekend. In this context, the key psychological threshold of $100 will be the first important support to take into account.