12 April, 2024

Solana Surpasses Binance Coin: Will It Hit a New All-Time High?

03 Apr, 2024

03 Apr, 2024

  • SOL’s potential Bull Flag consolidation suggests bullish momentum, with $184 as a crucial support level.
  • BNB’s recent 38% surge positions it near its all-time high, underlining its pivotal role in Binance’s ecosystem.
  • Technical indicators for SOL and BNB show mixed signals, with caution advised amid potential bearish trends.

Solana (SOL) has been making waves in the cryptocurrency market, recently surpassing Binance Coin (BNB) in terms of price performance. The potential for SOL to reach a new all-time high is gaining attention among traders and investors. 

Trading at $191.13 at press time, SOL has shown a 24-hour trading volume of $4,726,874,599, marking a 4.78% increase. On the other hand, BNB stands at $565.21 with a 24-hour trading volume of $2,360,364,014, reflecting a 1.36% uptick.

The recent surge in SOL’s price has been attributed to its consolidation within a potential Bull Flag pattern, with key support levels indicating bullish momentum. Rekt Capital, a top analyst, suggested that as long as SOL remains above the Bull Flag bottom of $184, the upward trajectory is likely to continue. Despite potential downside volatility, with a dip to around $173, as long as SOL maintains above the crucial support levels, the overall bullish sentiment remains intact.

BNB, on the other hand, has been steadily climbing in the past month, showcasing a remarkable 38% surge. This ascent positions BNB within striking distance of its all-time high of $690, achieved in May 2021. 

The bullish trend surrounding BNB underscores its pivotal role within the Binance ecosystem, particularly in driving innovation and growth across its integrated platforms, including the Binance Smart Chain and various DeFi projects. This underscores the potential for further expansion and upward momentum for BNB in the foreseeable future.

Binance/USD 1-Day price chart, Source: TradingView

While both SOL and BNB exhibit promising price movements, technical indicators offer valuable insights into their respective trajectories. BNB’s 1-Day Relative Strength Index (RSI) stands at 54.43, indicating a neutral position, while SOL’s RSI reads 57.85, reflecting a balanced market sentiment. However, the MACD indicator for SOL suggests a short-term bearish trend, potentially leading to price decreases if the trend persists.

Solana/USD 1-Day price chart, Source: TradingView

In contrast, BNB’s MACD trading above the signal line suggests further upward movement in the short term. However, investors should exercise caution as BNB’s Key Support Trendline (KST) trading below the signal line could signal a potential bearish trend in the near future. Similarly, SOL’s KST trading below the signal line further supports the bearish outlook, suggesting a cautious approach for investors.


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