Investors increasingly drawn to Solana as market capitalization exceeds $50 billion
Solana’s bullish momentum has propelled its market cap to a 21-month high. Currently trading at $117, SOL has seen a 1.5% increase in the past 24 hours. Its total market capitalization stands at approximately $50 billion, briefly reaching $53.4 billion on December 26th.
In addition to the surge in price, Solana’s 24-hour trading volume has surpassed $6 billion, marking a 22% increase. However, data from Santiment reveals a $2 million decline in the asset’s total open interest (OI) in the past day, bringing it to $1.435 billion.
Despite the decline in total OI, Santiment’s data indicates that long-position holders are increasing. SOL’s Binance funding rate has risen from 0.01% to 0.06% in the last day, indicating a greater dominance of long futures contracts.
Conversely, Solana’s social volume has experienced a 19% decrease in the past 24 hours, coinciding with a correction in the broader crypto market. The asset’s Relative Strength Index (RSI) has also risen with the recent price surge, currently standing at 87. This suggests the possibility of a price decline as selling pressure may be triggered.
Analysts predict a potential price surge if SOL’s RSI remains below the 65 mark. Notably, on December 25th, the number of daily active addresses for Solana surpassed 15.6 million unique wallets, marking a 50% increase since November.
Stay updated with the latest news in the crypto industry by following us on Google News.
