SOL broke above the previous ATH near $215, with the upside momentum pushing it to a new all-time high near $220.

Solana has been one the most successful crypto assets in the last few weeks. According to data from CoinGecko, SOL’s price has increased by 32% over the past seven days and nearly 54% over the past month.

Since October last year, Solana’s value has increased by more than 11,490% to see the cryptocurrency race up the charts to become the sixth-largest blockchain project by market cap.

As of writing, SOL is trading around $210.7, slightly lower after shedding some of the gains made in the past 24 hours.

Despite this, Solana remains in a bullish trend and another leg up will likely see the $62.5 billion platform seek fresh bids near the all-time high of $219. 05 reached on 25 October.

The daily chart shows the SOL/USDT pair is above the 20 EMA and 50 SMA curves, which followed a bullish breakout above a contracting triangle pattern.

The upsloping RSI is a positive sign for a quick bounce. It is currently in the overbought area to indicate that the bulls have the upper hand. The daily candle also points to aggressiveness from buyers, an outlook likely to see Solana’s price target $225 and potentially $250.

SOL/USDT daily charts. Source: TradingView

On the downside, support lies around $201 and $191 (both horizontal anchors). The 20 EMA line ($177) offers the main demand reload zone.

What’s the reason for Solana’s price rise?

In September, a severe network outage saw a negative market reaction crash the SOL price by more than 40%.

The last few weeks have seen increased network growth due to increased interest in NFTs. A successful upgrade and steady capital flow from institutional investors buoy sentiment, making Solana one the top crypto performers for October.

Gains also mirrored the highs of Ethereum (ETH), and Bitcoin (BTC).