- Positive sentiment and Open Interest around SOL increased in the last few days.
- Though network activity declined, market indicators remained bullish.
The bullish market condition bore fruit for most cryptos, but Solana [SOL] stood out from the rest with its massive gains. In the last 24 hours, the token’s price soared substantially, allowing it to recover its market capitalization.
Realistic or not, here’s SOL’s market cap in BTC’s terms
However, it was surprising to note that despite the massive hike in price, the blockchain’s network activity declined. Will decreased usage of the network have a negative impact on its price action?
Solana’s price skyrockets!
According to CoinMarketCap, Solana’s price was up by more than 40% over the last seven days. Though this was extremely bullish, the better news was that in the last 24 hours alone, SOL’s value increased by nearly 31%.
Not only that, while SOL’s price rose, its trading volume also increased by more than 300%, which acted as a foundation for the surge. At the time of writing, SOL was trading at $28.46 with a market cap of over $11 billion, making it the eighth-largest crypto.
Thanks to the price uptick, positive sentiment around the token also spiked, as evident from Santiment’s chart. Additionally, SOL’s Open Interest rose as well. A hike in this metric means that the on-going price trend might continue.
SOL’s demand in the derivatives market also improved, as its Binance funding r
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Author: Dipayan Mitra
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