Solana (SOL), one of the prominent cryptocurrencies, has experienced a remarkable surge in its price trend, surpassing previous patterns and reaching a yearly high of over $100. This surge has left investors and analysts wondering whether it signifies the beginning of a sustained uptrend or if it’s just a fleeting surge.
Solana’s impressive five-day uptrend
In the past five days, Solana has exhibited a consistent uptrend, leading to a peak price in the $100 range on December 23rd. As of the latest report, there are no immediate signs of this upward momentum slowing down.
During this period, SOL has witnessed substantial growth, with an impressive 65% increase from the 20th of December to the present. The current trading price of SOL hovers around $115, reflecting a surge of over 7%. This marks the first time since 2022 that Solana has reached such a high price level.
The strength of Solana’s bullish trend is further supported by its Relative Strength Index (RSI), which has been consistently above 80, indicating a strong bullish sentiment and positioning SOL in the oversold zone.
Solana’s trading volume soars
An analysis of the trading volume on Santiment reveals a significant increase in trading activity over the past few days. Initially surpassing $5 billion, the trading volume briefly dipped below this threshold but quickly rebounded. By the close of trade on December 23rd, the volume had risen to approximately $4.9 billion and had crossed the $5.1 billion mark at the time of writing.
Furthermore, data from CoinMarketCap shows an 18% increase in trading volume over the last 24 hours. This surge in trading activity underscores the growing interest in Solana among traders and investors.
With the recent surge in price, Solana’s market capitalization has surged to over $48.7 billion, solidifying its position as the fourth-largest asset in the cryptocurrency market. This impressive market cap is a testament to Solana’s growing prominence and its ability to compete with other major cryptocurrencies.
Year-to-date performance soars over 800%
In what can only be described as a remarkable year-to-date performance, Solana’s price has surged by over 800%. This astounding growth has attracted the attention of both retail and institutional investors, as they seek to capitalize on the cryptocurrency’s bullish momentum.
Despite indications of an imminent shift in the price range, some traders opted for short positions against Solana. However, data from Coinglass reveals that these short positions incurred significant losses during the recent price surge.
On December 23rd, short liquidations reached approximately $14.3 million, significantly outweighing long liquidations, which stood at around $3.7 million. This marks the highest level of short liquidations observed in over three months.
In addition, the Funding Rate, which measures the cost of holding a leveraged position, grew more positive, reaching 0.04% at the time of writing. This suggests a growing trend where more traders are betting on another uptrend in Solana’s price.
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