Did you win this time? Solana hits a new all-time high, investors break through: Second Brother is still asleep

Solana price breaks all-time high

This morning, Solana ($SOL), known as the Ethereum killer, broke through historical highs, skyrocketing 16.96% in the past 7 days and over 50% in the past 30 days, reaching $262.91 at the time of writing.

Image source: CoinGecko $SOL PA

In contrast, Ethereum ($ETH), commonly known as "Second Brother", although it holds the position of "Smart Contract Big Brother", its price Fluctuation has not been as great as Solana recently, with only a 28% increase in the past month, seems to still be "cultivating in a dream", and has been ridiculed by many as "the Second Brother is still sleeping while the younger brother has already risen to the top!"

Behind the strong rise of $SOL

During this pump, $SOL has shown strong resilience, with its Bollinger Bands Trend (BBTrend) currently at 9.56. This is an indicator based on Bollinger Bands, specifically used to measure the direction and strength of price trends. A positive value indicates a rising trend, while a negative value represents a declining trend.

Since November 18, the BB trend indicator of $SOL has been maintaining a strong rise trend, although not as intense as the beginning of the month, it is still enough to make $SOL investors confident.

ADX Warning: Trend strength weakening

However, analysts also reminded that the momentum of the BB trend indicator growth has slightly slowed down, indicating that the current rise trend is stabilizing. If the buying pressure further weakens, the price of $SOL may face consolidation and pullback in the short term.

In addition to the BB trend, another key indicator, the Average Directional Index (ADX), also reveals another side of the market. Currently, the ADX value of $SOL is 20.71, barely maintaining the level of "trend exists". The trend strength is clearly not as strong as the previous peak level of 50+. Generally, an ADX above 25 is considered a strong trend, while below 20 indicates a potentially weaker or non-existent trend.

Although the positive directional indicator (D+) of SOL reached 27.5, far higher than the negative directional indicator (D-) of 13.8, indicating that the bullish sentiment still prevails, but if ADX fails to rise above 25, the existing bullish momentum may struggle to drive prices for a larger upward movement.

Technical Analysis indicates that the key support levels for $SOL are $204 and $194. These two levels will be crucial battlegrounds for bulls and shorts in the short term. If these support levels cannot hold, the price may further fall to $154.

Investors broke through the defense: Second Brother is still sleeping

With the strong performance of $SOL, Ethereum ($ETH) has been discussed by many people for its relatively flat or even slightly weak performance. In addition to the price not meeting expectations, compared to Solana's rapid rise in Decentralized Finance and Non-fungible Token ecosystems, Ethereum's on-chain development also appears to be slightly stagnant.

However, Solana has already proven itself to be an undeniable force in the market, whether 'Big Brother' Ethereum can wake up and catch up remains to be seen. For now, Ethereum ($ETH) investors may have to continue to hold on and look forward to the next bigger market trend.

【Disclaimer】There are risks in the market, and investment should be cautious. Analyst views are for reference only, and users should refer to more diverse indicators to determine whether to invest, and consider whether any opinions, views, or conclusions in this article are consistent with their specific circumstances. Invest at your own risk.

"Winning this time? Solana breaks historical record high, investors are caught off guard: second brother is still sleeping." This article was first published in 'encryption city'.