Is It Too Late to Buy Solana? SOL Price Blasts Up 10% but Crypto Whales are Accumulating Another Coin Instead – Here's Why
The price of Solana (SOL) has risen by more than 10% in the past 24 hours, surging to $18.89 after the launch of deBridge, a protocol enabling cross-chain transfers between Solana and Ethereum-compatible networks.
The bridge's launch has already been a big boost to SOL, which is now also up by 27% in the past two weeks, while remaining down by 9% in the last 30 days.
But as strong as SOL is right now, it's possible that the post-deBridge rally may have already peaked, and that the altcoin may not rise much again until the interoperability protocol actually results in sustained growth and adoption.
As such, some traders may prefer looking to other coins with more potential in the short-term, with Thug Life Token (THUG) being one presale coin in particular that seems to be attracting attention right now.
SOL's chart suggests that the altcoin's rally is very close to peaking, although there is still a chance that it may continue for one or two days more before correcting downwards or flatlining.
On the one hand, SOL's relative strength index (purple) has just reached 70, which is right on the edge of 'overbought' territory, but which is still open to further gains (i.e. 90 would be extremely overbought).
On the other hand, the altcoin's 30-day moving average (yellow) is rising towards its 200-day average (blue) but hasn't yet crossed over it, meaning that the rally may still have some space to continue before it runs out of steam.
It's worth noting that SOL's support level (green) has risen steadily over the past couple of weeks, which suggests that it won't fall too far back down if the rally peters out.
As noted above, the cause of today's surge is the launch of deBridge, which promises to open Solana up to much greater use and
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