Solana’s value skyrockets by 14%, narrowing the distance with BNB once more.
Solana has experienced a remarkable surge after falling below $90 on January 8th, and its Relative Strength Index (RSI) indicates a strong bullish momentum.
At the time of writing, Solana (SOL) has risen by 14% in the past 24 hours and is currently trading at $101.50. The market capitalization of the asset has skyrocketed to $43.8 billion, approaching Binance Coin’s (BNB) market capitalization of $46 billion once again.
According to Santiment, Solana’s 24-hour trading volume has increased by 43%, reaching $4.1 billion.
Furthermore, data from Santiment reveals that the total open interest (OI) in Solana’s perpetual futures contracts has seen a 6.5% increase in the past 24 hours, currently standing at $944 million.
The market intelligence platform also indicates that more than 50% of SOL investors are betting on a further price hike. Additionally, Solana’s funding rate from all trading platforms is currently at 0.01%.
In the past 24 hours, Solana’s RSI has slightly risen from 35 to 37. This suggests that the fifth-largest cryptocurrency is steadily increasing, with minor price fluctuations expected. It is crucial for Solana’s RSI to remain below the 50 mark in order to sustain its bullish momentum.
On January 8th, the Solana Foundation released a developer report revealing that the ecosystem currently boasts between 2,500 and 3,000 active developers. The report suggests that the Solana Hyperdrive Hackathon may be one of the main factors contributing to the increase in Solana developers. In December 2023 alone, the company added 41 jobs, according to the Solana Foundation.
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