Solana managed to update its annual value record, rising by 750%

Today, on December 21, the Solana cryptocurrency SOL $187.71 Solana -0.08% Market capitalization $88.52 billion VOL. 24 hours $0.87 billion has once again broken its all-time high, reaching $ 86.80. Thus, since the beginning of 2023, the virtual coin of the blockchain of the same name by Anatoly Yakovenko has added 750% in value.

Cryptocurrency analysts analyze the price chart of SOL and emphasize: indicators above 50 and an uptrend indicate that bulls still have the upper hand, while indicators below 50 indicate the opposite. RSI is rising and above 50, which are signs of a bullish trend.

Using the Elliott Wave Theory, crypto experts study long-term price patterns and investor psychology to determine the direction of a trend.

The most reliable wave count indicates that SOL is approaching the top of the third wave of a five-wave upward movement (white) that began in June. The third wave has expanded and is 3.61 times the length of the first wave.

The daily RSI has formed a bearish divergence (green), which occurs when a decline in momentum accompanies a price increase. This is a sign of a bearish trend reversal. The indicator confirms the possibility that the top of the third wave is close.

At the time of writing, SOL is trading at $ 86.19, up 12.72% per day. The market capitalization of the asset amounted to $ 36.8 billion, and traders made daily trading deals worth $ 4.3 billion.