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The Solana price appears unstoppable as it edges closer to the much coveted $100 mark. As of 12:00 a.m. EST, SOL was hovering around $98 after rising by more than 16% over the last 24 hours.
Over the same period, Solana's market value has risen to $42.03 billion, propeling it ahead of Binance Coin (BNB), which stands at $41.1 billion. In the process, SOL has secured position as the fourth-largest cryptocurrency by market capitalization, according to the CoinMarketCap ranking.
The increase in SOL's price has also led to a significant increase in trading volume, with contract trading volume rising by 32% to more than $10 billion in the past 24 hours.
With open interest Solana currently stands at $1.34 billion, Solana ranks second only to Bitcoin and Ethereum in this regard.
This remarkable growth underscores Solana's increasing prominence in the cryptocurrency market, signaling heightened investor interest and activity on the Solana blockchain. According to data from DeFi Llama, the total value locked (TVL) on the Solana blockchain has also surged past $1.3 billion.
Total Value Locked on Solana. Source: DeFiLlama
Notably, Solana has added more than $1 billion in TVL as DeFi activity picks up. On Oct. 22 the TVL on Solana was just over $355 million and now stands at $1.36 billion.
SOL has painted three biggest green candlesticks on the daily chart since 2021. The moving averages are all facing up in a sharp trajectory, suggesting that the uptrend is very strong.
The relative strength index (RSI) has moved from 59 on Dec. 19 to 77 on Dec. 22. This means that the buyers are still dominating the market and that the uptrend is not over.
As such, if Solana climbs from the current price with the buyer's eyes first set on the $100 mark. If this happes, it will open the path to new price territories for the year toward $150 and beyond.
SOL/USD Daily Chart
On the downside, the RSI painted overbought conditions, suggeting that once SOL reaches $100, sellers may give in to their appetites and book profits. If this happens, Solana coud drop first toward the support recently established at $94 and later to the psychological level at $90.
Lower than that, the smart contracts token would drop toward the demand zone between $67and $80.
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