Solana (SOL) has registered historic bullish moves over the past sessions. The token managed to flip Ripple’s XRP in the crypto ranking amid a bloodbath week for most cryptos.
As we approach the weekend, most crypto enthusiasts hope that the bearishness that dominated the cryptocurrency space over the past few days will fade. The total crypto market lost over 11% in one day. That comes after the top virtual tokens sustained immense losses.
However, the narrative appears different when it comes to Solana. SOL has maintained its uptrends regardless of the struggles seen in most tokens. Solana clears everything on its way as it registers new highs each day.
According to CoinGecko data, the blockchain has been the best performer in the top ten tokens over the last seven days. With that, Solana increased its market valuation by nearly 87%. Such price actions had SOL overtaking XRP as it claimed the sixth spot in the crypto ranking. It is the first time SOL claims this high rank.
SOL’s Upside Momentum
According to the price chart, SOL exceeds all expectations. The token has registered parabolic upticks, producing large weekly candles since the start of August. The current weekly candlestick depicts a nearly 48% price rise. At the beginning of this week, SOL traded at $141, and for now, it hovers above $208.
Meanwhile, indicators suggest that the crypto has attained its highest overbought regions. For that reason, anyone interested in long positions needs to be cautious. However, strength indicators like the ADX indicate that SOL is highly bullish.
On the other hand, XRP has not registered impressive rallies this week. Besides moving under BTC’s direction, XRP has not won much in its legal troubles. On 7 September, XRP plummeted massively since May. The crypto lost over 18% plunge to $1.12 from $1.38. The coin saw bearishness the following days, trading around the $1.00 mark at the moment. The price drop led to the ranking positions change.
Solana Strong Fundamentals
Last week, SOL managed to flip DOGE to rank 7. The token did not stop there, strengthening its 6th position at the moment. The meteoric rise confirmed the optimism by investors and speculators that believe the asset will climb high.
The uptick indicates the excellent fundamentals of SOL’s blockchain. Remember, Solana gained popularity recently by top DApp developers due to its high scalability and efficiency. The token has strong fundamentals at the moment.
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