Solana saw a massive surge Tuesday after it broke through resistance levels and outperformed major crypto assets like Bitcoin and Ethereum, in terms of gain on the day.
Solana’s value returned to its pre-Christmas price last week with holders concerned that the price rally of the altcoin in the past few weeks might not continue.
However, as Solana found support near the $93.50 price level and formed a base following a correction, it started reclaiming its lost gains and on early morning Tuesday, saw an over 10% spike in its value.
One of the crucial milestones Solana achieved that pushed it to see a substantial gain this week was when it managed to break through the resistance level of $100.
Additionally, the 4-hour chart of the SOL/USD trading pair showing a key contracting triangle was broken.
The triangle had a resistance level near the $104 price level, which Solana overcame.
As of 8:39 a.m. ET on Tuesday, SOL was trading in the green zone at $113.79, showing a 9.28% increase in its value over the past 24 hours and a 1.12% loss in the last seven days, data from CoinmarketCap showed.
Meanwhile, during the same period Bitcoin, the world’s oldest and largest crypto asset by trading volume was trading upward at $45,399.32, representing a 6.2% spike in its value over the past 24 hours and a 6.3% gain in the past seven days.
Ethereum, the world’s second-largest crypto asset by market capitalization, was trading in the green zone at $2,389.36, recording a 3.9% increase on the day and a 6.6% spike in value in the past seven days.
Based on these data, Solana outperformed Bitcoin and Ethereum based on its price gain in the 24 hours.
Historically, January has always delivered gains to SOL holders, recording average profitable returns of around 70.4% in 2021 and 70.6% in 2023.
During those years, Solana saw substantial gains of 140.2% (2021) and 182% (2023).
Because of the series of price rallies Solana saw over the past weeks, it outseated Ripple (XRP) in the top list of crypto assets by market capitalization.
The ranking, which is topped by Bitcoin, followed by Ethereum and then Tether, seats Ripple below Binance Coin (BNB) and ahead of Circle (USDC) and Cardano (ADA).
Solana’s 24-hour trading volume was up by 70.74% at $3,757,075,050.
Data from CoinMarketCap highlighted that Solana’s circulating supply stands at 430,017,195 SOL and its market cap is up by 1.06% at $46,003,947,561.
