Solana’s Staggering 340% Surge Propels it into Top 5 Cryptocurrencies
Solana: A Rising Crypto Star
Solana (SOL) has gained 8% in the last 24 hours. But will this positive price trend continue? Here’s a look at recent developments and forecasts.
Solana’s Impressive Performance
Solana has recently put on an impressive performance. The token has been able to overtake the top cryptocurrencies and thus secure a place on the list of the top 5 cryptocurrencies by market capitalization. In the last three months, the price of Solana has risen by more than 340%. At the beginning of its bull rally, the price was at $19.80, three months later it reached a value of $67.94.
Solana’s On-Chain Metrics
Solana’s on-chain metrics have shown interesting developments in recent months. Solana’s 1-day price volatility has increased several times due to consecutive price increases. Interestingly, Solana’s development activity remained relatively stable over the last three months.
Trading Volume and Social Metrics
Solana’s trading volume has risen sharply several times. On December 16, the volume was over $1.5 billion, thus surpassing Ethereum, the king of altcoins. The price increases have also made Solana a hot topic of discussion in the crypto world, which is reflected in an increase in social volume.
Liquidations and Outlook
During this time, there were some liquidations at Solana, but nothing could stop the token from continuing to pump. An analysis of Solana’s liquidation heatmap shows that the token experienced high liquidations at several price points, including $38, $53, $60, and $62.
The question now is whether Solana can continue this trend. Both Solana’s Money Flow Index (MFI) and Chaikin Money Flow (CMF) show increases, suggesting a continuation of the upward trend. However, the MACD raises concerns as it indicates a possible bearish crossover.
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The Current State
At the time of writing this article, Solana has risen 8% in the last 24 hours and is trading at $75.8, with a market capitalization of over $32 billion.
So it remains exciting to see how Solana will continue to develop. Stay tuned for more updates and analysis in the world of cryptocurrencies.
Sources: Santiment, Hyblock Capital, TradingView, Coinglass
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