Undoubtedly establishing itself as a notable player in the vast altcoin market, Solana has achieved exceptional growth over the past year, marking an impressive increase of almost 300%.
This remarkable rise highlights Solana’s resilience and appeal in the cryptocurrency landscape. The cryptocurrency has not only kept pace but also outperformed many of its peers, cementing its status as a notable investment choice.
Currently exchanging hands at around $58, Solana is putting on an impressive display of relentless bullish momentum, notably experiencing a remarkable 40% increase in value in the last seven days alone.
This rise not only reflects the cryptocurrency’s immediate strength, but also contributes to its status as a formidable player in the digital asset space.
Solana Price Boosted by Whales
Currently, Solana proudly occupies the prestigious position of the 7th largest cryptocurrency, fortified by a substantial market capitalization that has surpassed the impressive milestone of $24 billion.
– Whale Alert (@whale_alert) November 11, 2023
Whale Alert revealed two large transactions on Solana on November 12, each worth more than $30 million. The transfer of 325,222 SOL, worth over $18.6 million, to the Binance exchange was the initial transaction.
Solana whales have recently engaged in a higher volume of huge transactions, moving a considerable portion of tokens to exchanges. Given this recent behavior, is it possible that SOL’s gains will gradually decrease?
When taking long positions, traders are now seeing a notable change in behavior due to Solana’s highest positive funding rate of the year, reaching 0.07% on November 12.
SOL market cap reached $24.2 billion today. Chart: TradingView.com
This optimistic outlook reflects their confidence in the continuation of the upward movement in prices.
Meanwhile, the surge in Open Interest (OI) means an influx of capital into Solana, with traders actively opening new positions.
Data from Coinglass reveals that Solana OI volume has been on a steady upward trend since early November, reaching over $760 million at the time of writing.
Notably, the last instance where SOL experienced such a high OI volume was in May 2022. This historical context highlights the importance of the current rise in OI and its implications for Solana’s market dynamics.
The SOL rate is near resistance on the hourly chart, indicating that buyers have some degree of influence over sellers. Ultimately, if nothing changes, growth could exceed the $60 level.
According to the weekly chart analysis, the SOL rate is about to conclude in the positive zone. Currently, negative indicators are lacking.
Should the bar close near the $60 range, it is plausible that an upward move could ensue, potentially resulting in a review of the $65 range in the near future.
(The content of this site should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).
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