Solana's price moves parabolic towards a new historical high

SOL’s price has reached its highest level at $145.22, according to CoinGecko data.

Solana’s price has moved parabolically to a new all-time high of $145.22, up more than 25% in the past 24 hours, as optimism surrounding non-fungible tokens (NFTs) spurred many investors to take interest.

SOL, the platform’s native token, has seen its value soar to new heights with one of the best performances in the crypto market in recent weeks. The token’s gains over the past week and the past 30 days are 90% and 320% respectively, which has allowed Solana to climb the rankings in terms of market capitalization and currently occupy the 7th spot.

Solana’s market capitalization of nearly $42 billion at the time of writing puts it ahead of Dogecoin (DOGE), with $38.4 billion, and behind XRP, which is in 6th place with about $59 billion in market capitalization.

Solana’s price outlook

According to pseudo crypto-currency trader The Crypto Dog, Solana’s strong performance makes it “hard to call highs, with prices likely to rise.

Currently, SOL/USD is trading around $142, with the slight drop largely due to traders wanting to lock in their profits.

But looking at the technical picture, SOL is likely to move higher as it heads into price discovery territory. The overbought outlook on the daily RSI and the bullish outlook on the MACD add to the growing positivity of the bulls.Solana's price moves parabolic towards a new historical high

Daily chart of SOL/USD. Source: TradingView

If buyers maintain the upside advantage seen since the breakout from the $22 low on July 20, a further rise could propel the SOL/USD pair to the moon. Immediate targets above current prices are around the $160 and $180 levels.

The positive outlook will start to fade if price fails to hold above $140, with key support areas being $130 and $110. The rising 20-day exponential moving average (EMA) suggests that the uptrend is intact. However, if price pulls back sharply from the aforementioned anchors, the SOL/USD pair could rely on support from the 20-day exponential moving average at $90.