The Solana price was trading at $60 as of 3:00 a.m. EST on Nov. 30 after rising 2.3% over the last 24 hours.

SOL was the only asset among the top 10 cryptocurrencies by market capitalization trading in the green as the rest displayed a bearish bias. The global crypto market capitalization was down approximately 1% to $1.42 trillion.

The largest cryptocurrency by market capitalization, Bitcoin (BTC), was down 0.67% sliding below the $38,000 to exchange hands at $37,835. The now proof-of-stake (PoS) Ethereum (ETH) was also down 1% to $2.034.

Top 10 Cryptos By Market Cap

Cardano (ADA) recorded the largest losses over the last 24 hours among the top cap cryptos dropping 2.11% to $0.37.

Solana's surge can be attributed to the success of the MadLads NFT collection, which once again topped the charts in 24-hour NFT sales volume.

This achievement shows Solana's growing dominance in the digital art space, which used to be dominated by Ethereum. Solana founder Anatoly Yakovenko acknowledged this in a post on X saying that there is now only one Ethereum project in the top five.

This explains the bullishness displayed by the smart contracts token and the technical setup projects a 20% uptick to $70.

Solana Price Needs to Hold Above $58 to Secure to Uptrend

The SOL price action between Nov. 11 and 28 had painted a descending channel on the daily chart. Solana escaped from this bearish chart pattern on Wednesday when its price climbed above the triangle's resistance line at $58.

SOL bulls were required to keep the price above this level to sustain the recovery. To do this, they were required to push the price from the current level toward the $60 psychological level. The next level would be the Nov. 23 high at $68 and later to the technical target of the governing chart pattern at $71.50. Such a move would represent a 20% ascent from the current price.

SOL/USD Daily Chart

The moving averages (MAs) were pointing upwards, adding credence to Solana's positive outlook. Note that SOL traded above all the major MAs, suggesting that the price sat on relatively robust support on the downside.

These were areas where the 50-day Exponential Moving Average (EMA), the 100-day EMA and the 200-day EMA lay at $45, $37 and $30.

The Relative Strength Index (RSI) was still positioned in the positive region above the midline. The price strength at 61 suggested there were still more buyers than sellers in the market.

On the downside, the recent rise above $58 could turn out to be a bull trap if the bulls are unable to sustain the higher levels. This could see the sellers take the upper hand by booking profits on the latest rally with the ensuing overhead pressure plunging SOL back into the confines of the descending triangle.

Increased selling could force Solana to retreat toward the triangle's support line at $51. This is where the downside could be capped for the "Ethereum killer" given that this level has provided support to the crypto  twice in the recent past.