Amid Solana’s Recent Momentum, Market Cap Hits 21-Month High
As Solana (SOL) continues its bullish trend, the asset’s market cap has reached its highest level in 21 months. SOL has experienced a 1.5% increase in the past 24 hours and is currently trading at $117. The total market capitalization of SOL is approximately $50 billion, briefly touching $53.4 billion on December 26.
Trading Volume Surpasses $6 Billion
In addition to the market cap surge, Solana’s trading volume has also seen a significant increase. The 24-hour trading volume has risen by 22%, surpassing the $6 billion mark.
Increase in Long Positions
Data from Santiment reveals that while Solana’s total open interest (OI) has declined by $2 million in the past day and now stands at $1.435 billion, there has been an increase in long-position holders. The Binance funding rate for SOL has risen from 0.01% to 0.06%, indicating a greater dominance of long futures contracts.
Decline in Social Volume and Potential Price Decline
On the other hand, Solana’s social volume has decreased by 19% within the last 24 hours, coinciding with a correction in the broader crypto market. The Relative Strength Index (RSI) of SOL has risen to 87 with the recent price surge. 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.
Rise in Daily Active Addresses
On December 25, Solana recorded over 15.6 million unique wallets with daily active addresses, marking a 50% increase since November.
Hot Take: Solana’s Market Cap and Trading Volume Surge
Solana’s recent bullish momentum has propelled its market cap to a 21-month high. With an increase in trading volume and long positions, SOL is showing strong potential for further growth. However, the decline in social volume and the high RSI suggest a possible price decline in the near future. Nevertheless, Solana’s rise in daily active addresses indicates growing interest and adoption of the asset.
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