- Solana’s price increased by over 10%, and the volume went up by more than 200%.
- Market indicators and on-chain performance suggested a continued surge.
Solana [SOL] has been surprising investors with its massive gains over the last few hours. Solana’s price increased by more than 10% in the last 24 hours, making it the highest gainer among the top 10 cryptos in terms of market capitalization. At the time of writing, it was trading at $22.48 with a market cap of over $8.8 billion.
Read Solana’s [SOL] Price Prediction 2023-24
Can more gains be expected?
Investors can expect SOL’s price to pump further in the coming days as the market indicators were pretty bullish. For instance, SOL’s Relative Strength Index (RSI) registered a sharp uptick, which was a significant update for the buyers.
Source: TradingView
The Chaikin Money Flow (CMF) went up and crossed the neutral mark. The Bollinger Bands revealed that SOL’s price was taking an exit from a less volatile zone.
As per the Exponential Moving Average (EMA) Ribbon, the bulls, and the bears were in a battle to flip each other. Considering the rest of the indicators, it was very likely for the bulls to turn out victorious.
Are the metrics supportive?
The unprecedented surge was backed by a massive uptick in trading volume. As per CoinMarketCap, SOL’s volume increased by more than 200% in the last 24 hours. Investors’ sentiments around SOL also turned bullish, which was evident from the rise in positive sentiments.
SOL’s Binance funding rate was considerably up, suggesting increased demand from the derivatives market. In addition to that, SOL’s 1-week price volatility increased over the last few hours, further suggesting the possibility of a continued uptrend.
Source: Santiment
Realistic or not, here’s SOL market cap in BTC‘s terms
Solana NFTs performance on par!
While SOL’s price continued to surge, the blockchain’s performance in the NFT space also looked promising. CRYPTOSLAM’s data revealed that Solana NFT sales increased by more than 35% in the last 24 hours.
This was achieved at a time when some of the most popular NFT collections on Solana, such as y00ts and DeGods, were migrating to Polygon and Ethereum, respectively.
The growth was also noted on Santiment’s chart, as SOL’s total NFT trade count and trade volume remained relatively up throughout the last seven days.
Source: Santiment